G7 agrees to oil release

The G7 group of rich countries has agreed to release 100 million barrels of oil over the next four months following intense pressure from the Trump administration.

Diesel stocks to be released first

In a joint statement following an emergency meeting on Friday, G7 leaders said the release would begin immediately and start with release of diesel stocks.

U.S. sought reserves to ease prices

The Trump administration had requested European countries release diesel reserves to cushion a sharp rise in fuel prices, which was becoming a political problem for Republicans ahead of next month's midterm elections.

Trump threatened export ban

Trump had threatened to ban exports of diesel altogether, a major worry for European countries because U.S. diesel accounts for more than half of the continent's imports of the fuel.

Export ban threat withdrawn

Under the agreement there would be no restrictions or bans on exports among G7 countries. French President Emmanuel Macron said the tone of discussion was constructive, not one of threats.

“The tone of our discussion was not one of threats; it was constructive.”

Trump claims European commitment

Trump said on Truth Social that European countries had agreed to release a massive amount of their heavily stocked diesel oil, with the process beginning immediately.

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.”