EU nations to hold emergency meeting on diesel prices
G7 nations have agreed to a coordinated release of 100 million barrels of diesel and crude oil from strategic reserves to stabilize global energy markets. The decision follows diplomatic pressure and threats from US President Donald Trump regarding export bans.
Why it matters
This intervention aims to mitigate the global cost-of-living crisis by lowering fuel prices and preventing supply chain disruptions.
European Commission President Ursula von der Leyen has welcomed a decision by the leaders of the G7 group of nations to release 100 million barrels of diesel and crude oil from strategic reserves in the coming months in order to help lower prices.
The group said it will undertake a co-ordinated release of 100 million barrels of diesel and other reserves through the International Energy Agency (IEA) to try and stabilise world energy markets.
"We welcome the decision of G7 countries not to impose any export bans on allies and the continued solidarity between partners. We support an IEA-coordinated release of fuel stocks," Ms von der Leyen wrote on X.
US oil prices dropped sharply - as much as 5% at one point - while international benchmark Brent crude briefly fell back below $100 per barrel.
Also covering this story
7 other newsrooms covered this event. We read each version separately.
Britain in talks with European allies over release of emergency diesel stockpiles
US tells France and Germany to release diesel stocks or face US export ban
Trump threatens diesel export ban unless France and Germany release emergency reserves
G7 to release 100 million barrels of oil and diesel after Trump export ban threat
G7 Nations To Release 100 Million Barrels Of Oil Amid Fuel Price Surge
G7 nations agree to release 100 million barrels of oil, including diesel, boost for Trump
US weighs diesel export ban, urges Europe to release reserves
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