G7 agree to release 100 million barrels of diesel and crude oil to relieve pressure on energy markets

The G7 countries have agreed to release up to 100 million barrels of diesel and crude oil to ease strained energy markets. The coordinated release via the International Energy Agency (IEA) should begin immediately and take place over a period of four months, as the G7 announced in a joint statement. In addition, an early, significant release of diesel within the first 20 days is planned by the G7 members and their partners.

The G7 group of countries includes Germany, France, Great Britain, Italy, Japan, Canada and the USA. They had previously discussed each other in a video link, in which Federal Chancellor Friedrich Merz also took part. France currently chairs the group.

Export ban as a means of pressure

In view of the high fuel prices, the USA had recently increasingly urged European countries to release their strategic diesel reserves in order to reduce prices. The means of pressure was apparently a possible export ban on diesel from the United States, which US President Donald Trump had previously advocated.

Trump is under pressure domestically because fuel prices have risen significantly again in the USA in recent weeks as a result of the Iran war - and Trump's Republicans are in the polls low about a month before the congressional midterm elections in the USA. The USA started the Iran war together with Israel a good six months ago.

USA makes demands on Europe

US Treasury Secretary Scott Bessent wrote yesterday on Platform X that Europe should provide additional delivery quantities immediately. “American farmers, truck drivers and businesses should not have to bear the burden of a global diesel shortage alone,” he wrote. “We expect our allies to follow through on their commitments.”

On Friday night, Trump spoke on the phone with French President Emmanuel Macron about the issue. Shortly before the announcement of the release by the G7 countries, he wrote on his Truth Social platform that Europe would "release a huge amount of its extensive diesel reserves."

The USA also undertakes to waive export bans

Macron now emphasized that all G7 participants, including US President Trump, had committed themselves to foregoing export bans.

The EU welcomed the decision. “Our citizens need and deserve affordable energy,” said EU Commission President Ursula von der Leyen. The federal government had called for a prudent reaction: “It is now important not to unsettle the markets any further,” said deputy government spokesman Sebastian Hille. Security of supply is the “top priority” for the federal government. The reason for the high fuel prices is "primarily the situation in the Middle East and the associated shortage of supply," he emphasized.