The Group of Seven (G7) has agreed to release up to 100 million barrels of diesel and crude oil over a four‑month period, aiming to steady global markets after U.S. President Donald Trump threatened to ban diesel exports.
Under the coordinated plan, a large share of the release will focus on diesel and will begin immediately, with the bulk of the supply coming from the G7 members and partners.
The decision was taken during a summit chaired by French President Emmanuel Macron, who said the move would bring down petroleum prices, particularly diesel, and avoid export bans that would hurt European consumers.
Although the U.S. has been one of the world’s largest diesel exporters, holding back supplies had pushed prices to record highs. The G7’s release is expected to relieve pressure on the UK and other import‑heavy economies.
The International Energy Agency will coordinate the release, working with refineries to stagger maintenance schedules and increase refining of diesel where possible.
Market analysts note that the announcement briefly lifted Brent crude above $100 a barrel before retreating towards $102, reflecting renewed tensions in the Middle East and ongoing supply chain challenges.
