G7 countries agree on release of diesel and oil stocks after US pressure
A ban on diesel experts from the United States, as warned by President Donald Trump's administration should the EU fail to draw down emergency diesel inventories, could sharply reduce supplies to Europe, which has become increasingly reliant on US diesel, and potentially inflict high economic costs on the bloc.
The United States, led by President Donald Trump, pressured the Group of Seven (G7) countries to release 100 million barrels of diesel and crude oil from emergency reserves. The US warned that failure to act could result in a ban on diesel exports, which would sharply reduce supplies to Europe, a region increasingly reliant on US diesel.
Europe pledged to release 100 million barrels of diesel and crude oil and agreed not to impose export restrictions on energy products among themselves. The release is expected to begin immediately and last for four months. The move aims to bring down fuel prices as the US administration faces a career-low approval rating, particularly concerning voters' concerns about the cost of living.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
