Paris (GNP): The Group of Seven (G7) nations agreed on Friday to release 100 million barrels of oil from their reserves to ease surging diesel prices. The decision follows pressure from the Trump administration on European countries to use their stockpiles.
According to a joint statement, the release starts immediately and runs over four months. A large share of the diesel will be released in the first 20 days, coordinated through the International Energy Agency (IEA).
The leaders said they will meet under the IEA framework in the coming days. They will discuss whether further diesel releases are needed.
The G7 brings together France, Canada, Germany, Italy, Japan, the United Kingdom and the United States, with France holding the presidency this year. The European Union (EU) also takes part in its meetings.
Shortly before the announcement, US President Donald Trump said Europe had agreed to release a massive amount of its heavily stocked diesel. Washington had been urging European governments to open their stocks as an alternative to a possible US export ban.
On Thursday, US Treasury Secretary Scott Bessent said European partners should speed up delivery on existing commitments. He added that extra supplies should be made available at once to deal with the ongoing disruption.
Fuel supplies are under strain worldwide because of Ukrainian attacks on Russian refineries and disruption in the Middle East linked to the war involving Iran.
The G7 leaders also agreed not to restrict energy exports between member states. They urged all producers to avoid bans that could worsen tension in the market.
French President Emmanuel Macron said the group would work together to bring down fuel prices, with diesel a particular focus. He added that members agreed to allow more flexibility in production so refineries can run at maximum capacity.
European Commission President Ursula von der Leyen welcomed the decision. She praised the pledge to avoid export bans among allies and backed an IEA-coordinated release of fuel stocks.
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Oil markets have swung sharply through 2026, driven by the US-Iran conflict, disruption around the Strait of Hormuz and shifting expectations for supply. Prices climbed on fears of prolonged shipping problems, then eased as supplies improved and hopes of peace grew.
Brent crude has repeatedly crossed major levels, including $100 a barrel, and US West Texas Intermediate (WTI) has followed a similar path. Refinery outages, tight diesel supplies, higher freight costs and uncertainty over Middle Eastern exports have made 2026 one of the most unpredictable years for oil markets.
Ursula von der Leyen said, “Our citizens need and deserve affordable energy.”
Managing Editor at Global News Pakistan (GNP), with a Bachelor's degree in International Relations from Riphah International University, graduated with a Gold Medal. Reach out at sabahtareengnp@gmail.com
