G7 Agrees to Release 100 Million Barrels of Oil and Diesel to Ease Supply Pressures
The G7 has agreed to a coordinated release of up to 100 million barrels of oil and diesel over four months through the International Energy Agency, with a substantial portion of diesel frontloaded within the first 20 days. The decision follows US President Donald Trump's earlier threat to ban diesel exports, which he later said was 'never really on the table.'
The Group of Seven (G7) nations have agreed to release up to 100 million barrels of oil and diesel to ease global supply pressures. French President Emmanuel Macron stated that the reserves would be released within four months under the coordination of the International Energy Agency (IEA). 
According to the joint statement, a substantial portion of the release—particularly diesel—is scheduled to occur within the first 20 days. As part of the agreement, G7 members also committed to refraining from imposing export restrictions on energy and energy products among themselves.
The coordinated action follows threats by US President Donald Trump to ban diesel exports from the United States if European countries did not release their own stocks. Trump later said an export ban on diesel was "never really on the table."
UK Foreign Secretary Ed Miliband represented the United Kingdom at the meeting and stated that the measures would shield households from price shocks. The UK is heavily reliant on fuel imports, with over half of its diesel sourced from abroad, including 31% coming from the US.
Global supply pressures have been compounded by Russia implementing its own export ban on diesel following attacks on its refineries by Ukraine.
Despite the G7 announcement, the impact on markets was short-lived. Brent crude oil prices briefly dropped below $100 a barrel after the news but rose back to around $102 due to renewed conflict in Yemen. 