G7 Bow to US Pressure, Release Diesel, Oil Stocks
The coordinated release will begin immediately and last four months, with a front-loaded diesel drawdown within 20 days, the G7 said.
- On Friday, the Group of Seven agreed to release 100 million barrels of diesel and crude oil from emergency reserves to cool surging fuel prices linked to the Iran war.
- The Trump administration reportedly told Germany and France on Thursday to draw down emergency diesel inventories or face a potential diesel export ban, Reuters reported.
- Approximately 17 per cent of European emergency stocks would be released under a proposal by France to supply 50 million barrels of diesel, alongside a 50-million-barrel crude release by International Energy Agency members.
- Coordinated releases will begin immediately over four months, with the Group of Seven pledging a front-loaded substantial diesel supply within 20 days and refraining from export restrictions.
- Describing the decision as a "political statement," analysts at Energy Aspects noted the move is intended to persuade President Trump against imposing his threatened diesel export ban.
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The threat of a US embargo on diesel exports has precipitated discussions on possible routes to curb the price boom.
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'They just agreed…': Trump gets his way with Europe, G7 to release 100m barrels of diesel reserves
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Coordinated liberation seeks to ease fuel escalation in full tension by the war with Iran and a month from U.S. lawmakers
The G7 countries have agreed to release 100 million barrels of diesel and crude oil from emergency reserves, and have pledged not to restrict energy exports. This decision came after pressure from US President Trump, who warned the EU that the US could impose a ban on diesel exports if it did not release its diesel reserves.
G7 leaders agree to release stocks of diesel and crude oil to reduce pressure on fuel prices.
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