Brief
G7 to release 100 million barrels of oil and diesel from reserves
The group will start the release immediately, with a large diesel tranche in the first 20 days, after pressure from the United States.
By Felo News Desk · Published
The Group of Seven (G7) announced on Friday that it will release 100 million barrels of crude oil and diesel from strategic emergency reserves over the next four months, aiming to ease sharply rising energy prices.
What happened
During a video conference chaired by French President Emmanuel Macron, G7 leaders issued a joint statement confirming a coordinated release through the International Energy Agency (IEA). The plan includes a "substantial diesel release within the first 20 days" and the possibility of further diesel releases if needed. The release is set to begin immediately and will run for four months, though the exact split of oil versus diesel among member countries was not disclosed.
What the reports add
Al Jazeera reported that the United States, under President Donald Trump, pressured the G7 to act, after the Trump administration threatened a ban on U.S. diesel exports. The outlet also noted that the International Energy Agency’s executive director, Fatih Birol, said members had already released about two‑thirds of a prior 400‑million‑barrel agreement. Additionally, the article cited former IEA oil markets head Neil Atkinson, who identified three factors behind the diesel shortage: reduced Middle‑East exports to Europe, Russia’s cessation of diesel shipments after Ukrainian attacks, and China’s halt of diesel exports.
What was said
Macron’s statement, quoted by Al Jazeera, said the G7 will "coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible." The same statement added that members will "refrain from imposing export restrictions on energy products among themselves." Neil Atkinson told Al Jazeera, "There isn’t diesel coming out of the Middle East to Europe… Russia has now ceased to export diesel at all… China is no longer exporting diesel," and warned that demand will stay high during the agricultural harvesting season.
How it came about
The release follows a spike in global oil and diesel prices triggered by the U.S. and Israel’s war on Iran and Russia’s war in Ukraine. Diesel prices in the United States hit a record $6.50 per gallon, up from $5.61 a month earlier, according to the American Automobile Association. Earlier this week, the Trump administration threatened to ban U.S. diesel exports and urged European allies to free up their emergency stocks, prompting the G7’s coordinated response.
Key facts
- The G7 will release 100 million barrels of crude oil and diesel over four months. (aljazeera.com)
- A substantial diesel release is planned for the first 20 days. (aljazeera.com)
- The release will be coordinated through the IEA and begin immediately. (aljazeera.com)
- President Trump pressured the G7 after threatening a U.S. diesel export ban. (aljazeera.com)
- Neil Atkinson identified three key factors behind the diesel shortage. (aljazeera.com)
Sources
- [1] aljazeera.com — originally reported as “G7 nations to release oil and diesel stocks, will it bring down the prices?”
