G7 Nations Unite to Release Emergency Oil and Diesel Reserves
The G7 nations have agreed to release up to 100 million barrels of emergency oil and diesel reserves in response to rising global prices. The move comes after US President Donald Trump threatened to cut off supplies of US diesel unless European countries tapped their own stockpiles. Under the agreement, G7 members will release 50 million barrels of diesel and 50 million barrels of crude oil into the market.
The decision was made during a crisis meeting convened by French President Emmanuel Macron, who said that the G7 nations wanted to work together to bring down petroleum product prices, particularly diesel. Trump confirmed on his Truth Social platform that Europe had agreed to release its emergency supplies and that the process would start immediately.
European countries have been relying heavily on US diesel imports due to a shortage of domestic production. The global refining capacity has been disrupted by conflicts in the Middle East and China, leading to a surge in demand for diesel and pushing prices to record highs. The average price of diesel at UK pumps reached £2 per liter on Friday, with motorists facing nearly £32 more per fill-up compared to pre-war levels.