PARIS, France
Leaders of the G7 nations have agreed to release up to 100 million barrels of oil and diesel in a bid to ease supply pressures that have caused prices to skyrocket.
The G7 made the decision after a meeting chaired by French President Emmanuel Macron on the 2nd, Reuters reported.
In a joint statement, the group said it had decided to carry out a coordinated release of 100 million barrels of diesel, crude and other fuels through the International Energy Agency to stabilize global energy markets.
G7 members and partner countries will prioritize releasing a substantial volume of diesel within the first 20 days, according to the statement.
The G7 also agreed at the meeting not to restrict diesel exports among member countries. Members will coordinate maintenance schedules at their refineries as well.
European Union member states, which have been pressed by the Donald Trump administration to tap their diesel reserves, held an emergency meeting the same day to discuss their response.
EU members discussed a French proposal for European countries to release 50 million barrels of diesel and IEA members to release 50 million barrels of crude, Reuters reported.
The Trump administration had issued an ultimatum to Europe, threatening to ban diesel exports unless European countries released strategic reserves, after diesel prices in the U.S. surged ahead of the November midterm elections.
Average U.S. diesel prices have jumped more than 70% from a year earlier to above $6.5 a gallon.
Trump said on his social media platform Truth Social that Europe had just agreed to release a massive amount of stockpiled diesel and that the process would begin immediately. He did not specify which countries would release how much.
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