G7 talks as US pressures Europe over diesel stocks

G7 leaders convened a video call on Friday to discuss joint action on fuel prices amid rising tensions between the United States and Europe over diesel stocks. President Donald Trump, facing high fuel costs in the lead-up to midterm elections, has threatened a diesel export ban, pressuring European nations to release their strategic reserves.

France's President Emmanuel Macron warned against such a ban, stating that it would undermine trust in the United States as a reliable partner and harm European economic performance. The EU, representing 27 nations, is ready to collaborate with the International Energy Agency (IEA) on releasing fuel reserves to contain prices.

US Treasury Secretary Scott Bessent urged European partners to accelerate delivery of existing commitments and make additional supplies immediately available. The head of the IEA, Fatih Birol, reported that about a third of the 400 million barrels of oil from reserves, agreed to last March, remained unreleased. Despite this, Birol hinted that further releases were possible, with 80% of overall IEA stocks still available.

The diesel price crisis has become a significant issue for Trump's Republican Party in the upcoming midterm elections, potentially risking loss of control of Congress. Meanwhile, EU trade chief Maros Sefcovic warned that a ban would have dramatic consequences for Europe's economic performance.