G7 Agrees to Release Up to 100 Million Barrels of Diesel and Crude
The IEA will coordinate a four-month release, with diesel prioritized in the first 20 days. The agreement follows U.S. threats of diesel export restrictions and includes a G7 pledge against export bans.
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G7 nations agreed on Friday to release up to 100 million barrels of emergency crude oil and diesel stocks after the Trump administration pressed European governments to draw down reserves or face possible U.S. diesel export restrictions.
The International Energy Agency will coordinate the operation, which begins immediately and runs for four months.
G7 members and partners will deliver a substantial share of the diesel release during the first 20 days.
French President Emmanuel Macron, who chairs the G7, announced the agreement after a leaders’ videoconference on Friday.
The package also commits members to keeping exports flowing within the group.
“We agreed that there would be no export restrictions or export bans between G7 members,” Macron said.
Washington’s Export Threat
The decision followed a Thursday night phone call between Macron and President Donald Trump on energy supplies and the availability of refined fuels.
U.S. Energy Secretary Chris Wright had sought the release of roughly 120 million barrels from European reserves over three months, raising the prospect of U.S. diesel export restrictions if governments failed to act.
A later request to Macron called for 100 million barrels of diesel over about 180 days.
France proposed a different mix during talks between European energy officials on Friday morning: 50 million barrels of diesel and an equal volume of crude.
The final agreement covers up to 100 million barrels of both products combined, with diesel given early priority. Country allocations have yet to be disclosed.
Trump welcomed the decision on Truth Social, saying: “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.”
G7 Pledge Against Export Bans
The commitment against restrictions addressed a concern that had unsettled fuel markets.
Macron said rumors of export bans had pushed prices higher and that Trump had made his position clear during the discussions.
The European Commission had warned that a U.S. export ban “would undermine our trust in the United States as a reliable partner.”
It nevertheless backed collective action through the IEA.
Oil prices fell following the agreement, while reports also indicated that diesel’s premium over crude had narrowed.
Fuel Prices Raise Political Pressure
The release comes as Trump and Republicans confront high fuel costs ahead of November’s midterm elections.
The U.S. national average diesel price reached $6.37 a gallon on Friday, according to AAA.
That followed a record $6.52 on September 22 and represented an increase of roughly 70% since late February.
Energy supplies have been disrupted since U.S. and Israeli strikes on Iran began on February 28, affecting shipments through the Strait of Hormuz.
An escalation in the Russia-Ukraine war in July added pressure on diesel markets.
The agreement marks the second major coordinated reserve release this year.
IEA members pledged about 400–426 million barrels in March, with roughly 290 million reaching the market by late July.
Washington has accused European governments of delivering their portions of that earlier commitment too slowly.
Ahmet Koçak
Ahmet Koçak is a news editor at Clash Report based in Istanbul. He previously served as Deputy Managing Editor at Türkiye Today, helping launch the digital news platform in 2023, and spent three years as Senior Editor at Daily Sabah. His work focuses on breaking news, geopolitics, international affairs, and digital journalism.
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