PARIS (Diya TV) — G7 leaders agreed Friday to release up to a hundred million barrels of crude oil and fuel reserves over four months, prioritizing diesel as rising energy prices strain households and businesses.
The International Energy Agency will coordinate the release, which will begin immediately. Members and partner countries plan to supply a substantial amount of diesel within the opening weeks, according to a joint statement issued after French President Emmanuel Macron chaired a virtual meeting.
President Donald Trump welcomed the agreement and said Europe would begin releasing diesel immediately. He discussed fuel prices with Macron overnight before joining the G7 talks, according to the French Embassy and a White House official cited by The Associated Press. U.S. diesel prices recently reached a record high.
The package also calls for G7 countries to coordinate refinery maintenance so simultaneous shutdowns do not constrain production. Leaders agreed to increase refinery use where feasible and encourage other countries with significant refining capacity to produce more fuel, particularly diesel.
Washington had pressed European governments to release reserves as supplies tightened. The prospect of a U.S. diesel export ban raised concerns in Europe about further disruption to fuel imports, Euronews reported.
G7 leaders pledged to avoid restricting energy exports among member countries and urged other producers to refrain from bans. They also condemned Iran’s disruption of international trade and called for restoring navigation through the Strait of Hormuz.
The group asked the IEA to monitor implementation and market conditions, recommend how to replenish stocks and assess whether additional diesel releases are necessary.
The effect on fuel prices will depend partly on the speed of deliveries and refinery capacity. Crude oil reserves require processing before they can supply diesel to consumers, while transport and the type of crude available can also limit output.
