G7 agrees to release diesel reserves after crisis meeting

G7 leaders have decided to release a significant quantity of diesel into the global market following a crisis meeting, according to Donald Trump. The decision came after tensions escalated between the G7 and the US, with the President threatening to ban all American exports of diesel. The G7, comprising the world's leading democracies, held an emergency call on Friday to discuss the growing diplomatic rift.

The US, being the largest diesel producer globally, has warned of curbing or banning diesel exports unless Europe releases its reserves to alleviate pressure on the global supply chain. The crisis has led to diesel prices exceeding 200p per litre in Britain for the first time, driven by geopolitical tensions in the Middle East and Eastern Europe, as well as Iran and Ukraine targeting refineries to disrupt global refining capacity.

Foreign Secretary Ed Miliband represented the UK on the G7 call, alongside leaders from the US, France, Germany, and Italy. Following a bilateral meeting between Trump and French President Emmanuel Macron, the G7 agreed to a plan involving the release of 100 million barrels of diesel and crude oil, with European countries contributing 50 million barrels of diesel and the International Energy Agency (IEA) partners releasing another 50 million barrels of crude oil.

The G7 statement highlighted the importance of stabilizing immediate energy supplies, protecting households and businesses from price shocks, and enhancing the long-term resilience of global energy systems. The agreement aims to begin the coordinated release immediately over four months, with a substantial initial diesel release within the first 20 days by G7 members and partners.