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 reserves to stabilize global energy prices. This coordinated effort follows threats from President Trump to ban US diesel exports if European nations did not increase their own market supply.
Why it matters
This intervention aims to mitigate inflationary pressures on essential goods like food and fuel, which are heavily impacted by diesel costs.
Image source, Reuters Image caption, Emmanuel Macron chaired a meeting of G7 leaders to agree the release of fuel reserves
The G7 has agreed to release 100 million barrels of oil and diesel in a bid to ease supply pressures that have caused prices to skyrocket.
The group of advanced economies, including the US, said the move would include a "substantial release" of diesel in the coming days.
President Donald Trump had threatened to ban diesel exports in a move which would have eased pressure on prices for US consumers ahead of November's midterm elections, but pushed up prices elsewhere.
In a joint statement, the G7 said member countries had now agreed to "refrain from export restrictions on energy and energy products" on one another.
The G7 includes the US, UK, Canada, Japan, Germany, Italy and France, with the EU also represented at its meetings.
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
EU nations to hold emergency meeting on diesel prices
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
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in