G7 to release 100 million barrels of oil and diesel after Trump export ban threat

The G7 has agreed to release 100 million barrels of oil and diesel to ease supply pressures that have driven prices upward. The bloc said the move would see a "substantial release" of diesel in the coming days. President Donald Trump had threatened to ban diesel exports from the United States if European nations did not agree to put more of their own stocks onto the market, a step that would have eased prices for US consumers ahead of November’s midterm elections but raised them elsewhere. In an associated statement, the G7 declared: "We volition instrumentality our commitments with a coordinated merchandise done the IEA of 100 cardinal barrels to begin instantly implicit 4 months, including a frontloaded important diesel merchandise in the first 20 days by G7 members and partners." French President Emmanuel Macron said the coordinated action would "bring down the prices of petroleum products, especially diesel". He added that "President Trump, in particular, was very clear on this point". UK Foreign Secretary Ed Miliband, representing Britain at the meeting, noted that the measures would "stabilise energy supplies, build resilience in supply chains and shield households and businesses from price shocks". The G7 also pledged: "We will refrain from export restrictions on energy and energy products on one another". Trump’s Treasury Secretary Scott Bessent argued that "US farmers, truckers, and businesses should not be left carrying the burden as prices soar". On Friday, Trump posted on social media: "Europe has just agreed to release a massive amount of their heavy stocked Diesel Oil. The process will begin immediately." Diesel is heavily used by the haulage sector and agriculture, meaning increases in its cost feed into essentials such as food. Prior to the announcement, the global benchmark Brent crude had briefly fallen below $100 a barrel but rebounded to roughly $102 by Friday evening; before the US and Israel invaded Iran, it traded near $73. European countries had resisted US threats to cut off American diesel supplies amid a backdrop of US‑led conflict in the Middle East and reduced flows from Russia and China. The G7 leaders said they would additionally coordinate maintenance schedules to avoid simultaneous refinery shutdowns and encourage nations with the capacity to expand diesel refining. The statement did not specify which partner nations would contribute stocks or the precise timing of the releases.