G7 nations agree to release 100 mn barrels of oil

The Group of Seven industrial nations have reached an agreement to release 100 million barrels of oil, starting with a significant amount of diesel, following the fuel's recent surge in prices in the United States. President Donald Trump announced this decision on social media, emphasizing that Europe has also agreed to release a substantial amount of their heavily stocked diesel oil, beginning immediately.

The release is expected to begin over a period of four months, with an initial front-loaded release of diesel within the first 20 days by G7 members and partners. The International Energy Agency will coordinate this effort to combat soaring fuel prices.

This move comes as President Trump faces criticism over surging oil and gas prices, which have increased due to the Iran war and his trade disputes. Trump has stated that he believes these prices are worth it to prevent Iran from obtaining nuclear weapons, despite ongoing concerns about their persistence.

Gas prices in the U.S. and abroad have skyrocketed during the eight-month-long war, with the national average for a gallon of diesel reaching $6.37 on Friday, a record high that surpassed $6.52 on September 22. Trump had a recent conversation with French President Emmanuel Macron, the chair of the G7, about addressing rising fuel prices and the availability of petroleum products.

The announcement was made after a videoconference of G7 leaders chaired by Macron. The International Energy Agency will facilitate the coordinated release of 100 million barrels of oil over the next four months, with a substantial portion of it being diesel. A recent poll conducted by AP-NORC found that a majority of U.S. adults blame Trump for the higher prices, and his approval rating on handling the economy has hit a new low.

Trump has expressed frustration over the perceived disconnect between his accomplishments and the public's perception of his work, even claiming personal success in the economy.