G7 to release millions of barrels of oil and diesel after Trump threat

The G7 has announced that it will release 100 million barrels of oil and diesel to address supply concerns that have led to skyrocketing prices. This substantial release will begin immediately and last for four months, with a particularly large release of diesel within the first 20 days. The agreement comes after US President Donald Trump had threatened to ban diesel exports from the US if European countries did not increase their stock availability.

The G7, comprising the US, UK, Canada, Japan, Germany, Italy, and France, along with the EU, made the decision to release fuel from their reserves under the coordination of the International Energy Agency (IEA). French President Emmanuel Macron highlighted that the coordinated action would "bring down the prices of petroleum products, particularly diesel."

G7 leaders stated that they will implement their commitments through the IEA by releasing 100 million barrels, with a front-loaded substantial diesel release within the first 20 days. The price of global benchmark Brent crude oil has shown fluctuations, dropping briefly below $100 a barrel before rising again to around $102 by Friday evening.

The release of diesel is expected to provide significant relief to countries reliant on imports, such as the UK, where prices at the pump reached £2 per liter for the first time.