G7 to release 100 million barrels of oil and diesel after Trump export ban threat
The G7 has agreed to release 100 million barrels of oil and diesel in a bid to ease supply pressures that have caused prices to skyrocket. The group of advanced economies, including the US, said the move would include a “substantial release” of diesel in the coming days. President Donald Trump had threatned to ban […]
The G7, a coalition of advanced economies including the United States, has announced a plan to release 100 million barrels of oil and diesel to alleviate supply pressures driving up prices. This decision comes in response to President Donald Trump's threat to ban diesel exports, which would have alleviated US consumer prices but raised them globally.
The G7 has agreed to refrain from export restrictions on energy and energy products, and will coordinate a release through the International Energy Agency (IEA). The plan includes a substantial release of diesel within the first 20 days, followed by further releases over the next four months. The move aims to stabilize energy supplies, build resilience in supply chains, and protect households and businesses from price shocks.
The UK, heavily reliant on imported diesel, could benefit significantly from this release, as prices have risen above £2 per litre for the first time. The G7 leaders emphasized that the agreement is not dependent on US action, and that partner countries will decide on their own stock releases. The 100 million barrels are a mix of diesel and crude oil, and the release is expected to begin immediately.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
