G7 announces oil reserve release as Trump welcomes Europe diesel deal
Members of the Group of Seven (G7) have announced they will release up to 100 million barrels of strategic oil reserves as prices continue to soar amid the US-Israel war with Iran. In a statement following a meeting chaired by French President Emmanuel Macron, the group said the release would occur over four months and […]
French President Emmanuel Macron has called for G7 leaders to coordinate efforts to reduce diesel prices, following pressure from the United States. The call came as Washington pushes European nations to utilize their strategic diesel reserves and warns of potential curbs on US exports. The surge in energy prices, driven by the conflict in Iran, has come back to haunt Trump's re-election prospects with high fuel costs becoming a key issue ahead of the upcoming midterm elections.
EU leaders are holding crisis talks in Brussels to develop a unified response to US pressure. US Treasury Secretary Scott Bessent urged European partners to accelerate delivery of existing commitments and release additional supplies immediately to address the ongoing diesel shortage. The International Energy Agency (IEA) head Fatih Birol noted that European nations have still not released all the stocks they committed to in March, with about a third still held back.
The incident has put pressure on Trump, who has floated the idea of banning diesel exports, a move the EU has strongly opposed.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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