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The Group of Seven announced a coordinated release of 100 million barrels of oil and diesel from emergency reserves to begin immediately and continue over the next four months. A joint statement from the leaders highlighted a front-loaded substantial diesel release within the first 20 days by member nations and partners to address immediate supply strains. The International Energy Agency will oversee the drawdown while convening soon to evaluate whether additional measures become necessary as global markets remain volatile.
This decision came after the Trump administration pressed European allies to tap their stockpiles as an alternative to a potential US ban on diesel exports that could have tightened supplies further across the Atlantic. President Donald Trump posted on Truth Social that Europe had agreed to release a massive amount of their heavily stocked diesel oil with the process beginning immediately. French President Emmanuel Macron who chaired the videoconference described the talks as constructive adding that the tone avoided any element of coercion according to a Politico report on the negotiations.
US diesel prices climbed to a record $6.52 per gallon in September before easing slightly to an average of $6.37 according to AAA data cited across multiple outlets including PBS News. The surge which represents a 70 percent increase since late February stems from supply disruptions caused by Ukrainian attacks on Russian refineries and ongoing conflicts in the Middle East involving Iran. A CNBC assessment noted that reduced exports from China have compounded the tightness in global diesel markets where Europe imports around 1.5 million barrels daily with half originating from the United States in recent months.
The latest action builds on a prior March commitment in which G7 countries released 400 million barrels to help contain price spikes as detailed in a Financial Times review of the energy response. Analysts at firms such as Energy Aspects viewed the 100 million barrel figure as more political signaling than a transformative volume since it approximates just one day of worldwide oil demand. The agreement also includes an explicit pledge by all members to avoid export restrictions on energy products among themselves while urging other producers to follow suit.
UK Foreign Secretary Ed Miliband who represented Britain at the meeting said the steps would stabilise energy supplies build resilience in supply chains and shield households as well as businesses from price shocks. In a separate statement Treasury Secretary Scott Bessent had earlier called for accelerated deliveries from European partners to counter the disruptions. The Financial Times reported that the White House had specifically requested at least 100 million barrels from Europe before issuing the export ban warning.
G7 members including Canada Germany Italy Japan and the United Kingdom alongside the United States reaffirmed their commitment to refrain from measures that could heighten market tensions in the joint communique. The bloc additionally condemned Iran’s continued regional attacks that it said threatened international trade and energy security. NBC News coverage indicated that Brent crude prices have risen more than 60 percent so far this year underscoring the broader pressures that prompted the emergency session.
