G7 leaders agree to release significant diesel reserves immediately

Washington/Paris/Brussels, 2 October (CTK) - The Group of Seven (G7) advanced economies will jointly release 100 million barrels of diesel and oil over the next four months, the leaders agreed today in a statement published by France, which holds the presidency. In the next 20 days, the group’s countries will send significant quantities of diesel to the market through the International Energy Agency (IEA), the presidents and prime ministers said after a video conference today. Shortly beforehand, US President Donald Trump announced that Europe had agreed to immediately release some of its diesel reserves.

The US administration urged Germany and France to help bring down rising global fuel prices by releasing diesel from their emergency reserves. Washington also threatened that otherwise these countries could face a US ban on diesel exports.

G7 leaders agreed on a "coordinated release of 100 million barrels through the IEA, starting immediately and continuing for the next four months, including the priority release of significant volumes of diesel in the first 20 days by G7 countries and partners". This was stated in a declaration published after the video conference chaired this afternoon by French President Emmanuel Macron. The G7 comprises the US, Canada, Japan, the UK, France, Italy and Germany, and European Union officials also take part in its meetings. The statement does not say how much diesel each country will release.

Trump did not announce these details either. "Europe has just agreed to release huge amounts from its extensive diesel reserves," he said on his social media platform, adding that "the process will start immediately".

The group also agreed not to impose "restrictions on energy and energy product exports between G7 countries", as the US president had threatened.

"We welcome the G7 countries' decision not to impose any export bans on allies, as well as the continued solidarity among partners," European Commission President Ursula von der Leyen said in response to the statement.

G7 leaders also called on the IEA to monitor the market situation and the impact of the releases. According to today's statement, the group will prepare an assessment report within 20 days and propose recommendations in case of further price increases.

Diesel prices have risen sharply recently in the United States, Europe and elsewhere as a result of the US- and Israeli-led war against Iran and Russia's aggression against Ukraine. Today, the G7 called on Iran to end its blockade of the Strait of Hormuz. It also said it would maintain sanctions against Russia while seeking to minimise their impact on fuel markets.

On Tuesday, Trump backed the idea of an export ban to reduce the price of the fuel on the US market. Treasury Secretary Scott Bessent said the Trump administration was examining the possibility. The EU responded by saying it was concerned by the US plan.

Today, a European Commission spokesperson said it categorically rejected US threats to ban diesel exports if Europe did not release some of its fuel reserves. "An export ban would benefit no one. It would undermine our trust in the United States as a reliable partner," spokesperson Anna-Kaisa Itkonen said.