The Group of Seven has announced a coordinated release of 100 million barrels of oil and diesel over four months to address global supply shortages and price spikes. The commitment includes a substantial diesel release within the first 20 days, with additional releases as needed.
The move follows US President Donald Trump's threat to ban American diesel exports unless European countries released more of their own reserves. Trump had warned that an export ban would ease prices for US consumers ahead of November's midterm elections. On Friday, Trump said on social media that Europe had agreed to release "a massive amount of their heavily stocked Diesel Oil" and later told reporters the decision was "a great thing."
The G7 statement confirmed members will coordinate the release through the International Energy Agency and will not impose export restrictions on energy products between themselves. Trump said an export ban was "never really on the table," though his Treasury Secretary Scott Bessent had previously argued US farmers, truckers and businesses "should not be left carrying the burden" as prices soared.
French President Emmanuel Macron, who chaired the G7 meeting, said the reserves release would "bring down the prices of petroleum products, particularly diesel." UK Foreign Secretary Ed Miliband said the measures would "stabilise energy supplies, build resilience in supply chains and shield households and businesses from price shocks."
The release comprises a mix of diesel and crude oil. Global benchmark Brent crude briefly fell below $100 a barrel following the announcement but rose back to around $102 by Friday evening, as renewed violence between Saudi Arabia and Houthis in Yemen offset gains from the supply commitment.
G7 leaders also agreed to coordinate refinery maintenance schedules to prevent simultaneous shutdowns and to encourage countries with capacity to increase diesel refining. The bloc maintained that sanctions against Russia, a major diesel producer that has implemented its own export ban, would continue despite Moscow's reduced global supplies.
Diesel supply shortages stem partly from Middle East conflict and Russia's export restrictions following Ukrainian attacks on refineries. The US is a vital global supplier, exporting roughly 1.2 to 1.5 million barrels daily alongside domestic consumption of about 3.6 million barrels. Over half of the UK's diesel is imported, with 31% of those imports sourced from the US.