G7 Nations Release 100 Million Barrels from Strategic Reserves to Stabilize Energy Markets

The G7 group of nations has agreed to release 100 million barrels of diesel and crude oil from their strategic reserves in an effort to stabilize world energy markets. The move comes after President Donald Trump threatened to impose a diesel export ban on France and Germany unless they released 120 million barrels of diesel from their stocks. Trump had initially claimed he asked for the reserve release, stating 'I asked for it. Europe has a lot of diesel and they're going to be making a major world contribution - and so are we.'

European Commission President Ursula von der Leyen welcomed the decision, saying 'We welcome the decision of G7 countries not to impose any export bans on allies and the continued solidarity between partners.' The release will begin immediately and last for four months, with a substantial amount of diesel to be released within 20 days by G7 members and partners.

US oil prices dropped sharply after the announcement, falling as much as 5% at one point. International benchmark Brent crude briefly fell back below $100 per barrel.

Professor Brian Ó Gallachóir of University College Cork described the move as a 'short-term' measure, stating that it will not alleviate the supply shock in the medium term. He emphasized the need for the US and Israel to cease their attacks on Iran, which are contributing to high oil prices.