G7 Countries Agree to Release Diesel Stocks

G7 leaders agreed on Friday to release up to 100 million barrels of diesel and crude oil over the next four months. The countries also decided not to ban fuel exports among member nations, following a threat from the United States.

The release of strategic reserves will be coordinated by the International Energy Agency. Leaders stated that the measures are expected to lower fuel prices, which have risen due to the war in the Middle East. "We have decided to release strategic stocks of diesel and crude oil under the coordination of the International Energy Agency... to release up to 100 million barrels within four months," French President Emmanuel Macron announced after a videoconference.

Macron added that G7 countries committed to not implementing any export bans. U.S. President Donald Trump confirmed this in his own statement. The decision to avoid export bans was significant, as the European Union relies on diesel from the United States, accounting for approximately 50 percent of its imports. The European Commission had previously warned that an export ban would undermine trust in the U.S. as a reliable partner.

The measures were taken in response to global threats of fuel shortages, exacerbated by Ukrainian attacks on Russian energy infrastructure and Iran's blockade of the Strait of Hormuz. In the European Union, diesel prices at the pump have reached a new historical peak, and inflation in the region rose in September to its highest level in three years, partly due to rising energy costs.