The G7 nations have reached a consensus to jointly release 100 million barrels of oil and fuel reserves through the International Energy Agency (IEA) over the next four months, with a significant portion of diesel set to be distributed in the first 20 days as global fuel prices continue to rise.
This decision was made public following an urgent videoconference held by G7 leaders, led by French President Emmanuel Macron, on Friday. The G7 indicated that the release would commence immediately, highlighting a substantial diesel allocation at the outset of the initiative involving G7 members and allies.
This action follows increased pressure from the United States for European countries to utilize their emergency diesel reserves. Reports from Reuters suggested that the Trump administration had urged both France and Germany to tap into their reserves, warning of a potential ban on U.S. diesel exports if they did not comply.
President Trump expressed his approval of the G7’s decision, announcing on Truth Social that Europe had consented to release a significant quantity of diesel from its reserves and that the process would begin without delay.
This initiative comes as Trump faces mounting political challenges due to soaring fuel prices ahead of the U.S. midterm elections on November 3. According to an AP report, Trump’s approval ratings regarding the economy have plummeted to a record low in a recent AP-NORC poll.
On Friday, the average price of diesel in the United States surged to $6.37 per gallon, as reported by AAA, following a peak of $6.52 on September 22. Data from the U.S. Energy Information Administration indicated that the average on-highway diesel price reached $6.382 per gallon for the week ending September 28.
In Europe, diesel prices have also hit unprecedented levels, contributing to the urgency of the G7’s decision. This response follows heightened pressure from Washington, with reports indicating that the Trump administration had called for Germany and France to release their emergency diesel supplies to alleviate rising global fuel costs.
For European governments, the decision to release more strategic reserves presents a complex challenge. They must weigh the necessity of reducing prices against the importance of maintaining supplies in case the energy crisis escalates further.
While the G7 statement specifies a coordinated release of 100 million barrels via the IEA, it does not categorize the entire amount exclusively as diesel. Instead, it emphasizes that a significant portion of diesel will be prioritized at the beginning of the program. Additionally, the G7 has agreed to synchronize refinery maintenance schedules and to increase refinery operations temporarily where possible. They have encouraged nations with substantial refining capabilities to boost production of refined products, especially diesel.
Furthermore, the G7 countries have committed to refraining from imposing trade restrictions on energy and related products among member nations.
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