G7 countries are to release up to 100 barrels from their strategic oil reserves as fuel prices rise amid the US-Israel war with Iran, with a substantial diesel release planned within the first 20 days.
The agreement was announced after a meeting chaired by French President Emmanuel Macron. The release is expected to take place over four months and will involve G7 members and partner countries.
Donald Trump welcomed the move shortly beforehand, writing on Truth Social that “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil”.
The G7 includes Germany, France, Italy and the UK, while the European Union holds observer status in the grouping.
Mr Trump has been pressing European countries to draw on their diesel stockpiles as prices have risen following disruption to traffic through the Strait of Hormuz, which has been linked to the war with Iran launched by the US and Israel on February 28.
The US president had previously suggested that Washington could ban diesel exports if European countries did not comply. The European Union said earlier on Friday that it “fully rejects” the threat.
