G7 Nations Release Emergency Oil Reserves Amid Fuel Price Crisis
US President Donald Trump has denied ever considering an export ban on diesel fuel, despite repeated mentions of it in recent weeks. Speaking to reporters before heading out to campaign in Alabama, Trump said Europe 'did a great thing' by releasing its own reserves and urged others to follow suit.
The G7 nations have agreed to release 100 million barrels of oil from emergency stocks over four months, with a significant portion set to be diesel. The move is aimed at stabilizing energy supplies and shielding households and businesses from price shocks.
Average UK diesel prices have surpassed £2 per litre for the first time, driving inflation to a five-month high in August. Foreign Secretary Ed Miliband noted that G7 countries had agreed to 'refrain from energy export restrictions' as part of their coordinated measures.