G7 to release 100 million barrels of oil and diesel after Trump export ban threat
The G7 nations have agreed to release 100 million barrels of oil and diesel to stabilize global energy prices. This decision follows threats from President Donald Trump to ban US diesel exports, a move he ultimately abandoned after securing international cooperation.
Why it matters
The coordinated release of fuel reserves is a significant geopolitical effort to curb inflation and prevent energy shortages ahead of winter.
Share Save Add as preferred on Google Archie Mitchell and Lucy Hooker , Business reporters PA Media The G7 has announced 100 million barrels of oil and diesel will be released to ease supply concerns that have caused prices to skyrocket.
It includes a "substantial release" of diesel within 20 days, with discussions around "additional diesel releases as necessary", G7 leaders said in a statement.
The group of advanced economies, including the US, said the move would begin immediately and would last for four months.
Under the measures, which come after US President Donald Trump had threatened to ban diesel exports , there will not be any "export restrictions on energy and energy products" between G7 members.
The G7 includes the US, UK, Canada, Japan, Germany, Italy and France, with the EU also represented at its meetings.
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