G7 to release diesel reserves as fuel prices rise
G7 diesel reserves release 100 million barrels to ease fuel prices and supply See how the move could calm markets and what it means for drivers, traders, and energy costs
The Group of Seven nations agreed to release 100 million barrels of diesel reserves in response to rising fuel prices and tighter global supply. The move will start immediately and continue over four months, with a large share deployed in the first 20 days through coordination with the International Energy Agency.
The decision comes after pressure from the Trump administration, which had pushed Europe to release stocks instead of facing a possible U.S. export ban. Officials said the aim is to ease market stress caused by disruptions linked to the war in Ukraine, attacks on Russian refineries, and instability in the Middle East.
The G7 also said members should avoid export restrictions on energy products that could worsen market tensions. U.S. diesel prices remain elevated, and European officials said further coordination may be needed if supply problems continue.