G7 countries to release up to 100 million barrels of diesel and crude oil reserves

Member countries in the Group of Seven agreed on Friday to release tens of millions of barrels of diesel fuel and crude oil, the latest move by industrial economies around the world to cap soaring gas prices.

Following a G-7 videoconference hosted by French President Emmanuel Macron, U.S. President Donald Trump said, “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.”

“The process will begin immediately,” Trump posted on Truth Social.

Gas prices have soared since the U.S. and Israel attacked Iran on Feb. 28. But diesel in particular saw a renewed surge this summer after the Russia-Ukraine war escalated in July. Since late February, the average price of U.S. diesel has surged 70% to $6.37 per gallon.

The release will be as much as 100 million barrels over the course of four months, the G-7 said in a statement. It noted that there would be a “substantial diesel release within the first 20 days.”

In March, countries that are members of the International Energy Agency approved a release of 400 million barrels of crude oil. That helped to partially ease the energy supply problem, but prices continued to rise.

As of Friday, prices still remain sharply elevated since the Iran war began. Brent crude oil, which was down 3% in anticipation of the news, still hovered above $100 per barrel. Since the start of the year, Brent prices are up more than 60% still.

The agreement between G-7 countries also comes after multiple days of pressure by the Trump administration on European allies, particularly Germany and France, where a large share of the EU’s diesel reserves are held.

“American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage,” Treasury Secretary Scott Bessent wrote on X late Thursday.

At the same time, Trump is openly considering a U.S. diesel export ban, which would hit EU countries, as well as the United Kingdom, particularly hard.

Earlier on Friday morning, the European Union said it “fully rejects any ban on diesel.”

“A ban would not be beneficial to anyone,” a European Commission spokeswoman told reporters in a briefing.