Washington — President Trump announced that leaders from Europe have consented to release a significant portion of their diesel oil reserves to help mitigate soaring prices, following an emergency session of the Group of Seven (G7) nations.
A video conference of G7 representatives was held on Friday morning to address issues surrounding fuel supply and pricing, following a late-night discussion between French President Emmanuel Macron and President Trump. After this meeting, Trump indicated that the release of diesel oil from European stockpiles would commence “immediately.”
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump posted on Truth Social. “The process will begin immediately. Thank you for your attention to this matter!”
A joint statement from G7 leaders, issued by the Élysée Palace in Paris, confirmed a “coordinated release” of 100 million barrels to start right away, to be distributed over the next four months. The statement highlighted that there would be a “front-loaded substantial diesel release” within the initial 20 days, involving G7 members and partners.
The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union participating as a non-enumerated member.
A White House source noted that Trump had discussions with Macron the previous night and engaged with the G7 leaders that morning to facilitate the release of diesel stockpiles in Europe.
Trump has previously threatened to impose a ban on U.S. diesel exports, which could drive global diesel prices even higher. In their statement, the G7 leaders advised against such export bans but did not directly address Trump’s comments.
“We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and urge all producers to avoid imposing bans that could heighten market tensions,” the statement read.
In the United States, rising diesel prices are having a cascading effect on the economy, placing financial burdens on schools, farmers, and small businesses as their fuel expenses surge. Farmers who depend on diesel for agricultural machinery are facing increased costs, while various sectors, including construction and food distribution, are reporting significantly higher expenses for operating vehicles and delivery trucks.
This story is ongoing and will be updated as new information becomes available.
Margaret Brennan contributed to this report.
