Repubblica Economia49 minutes agoBusiness2 min readItaly

G7 releases 100 million barrels from reserves to calm diesel prices

Quick Look

The G7 countries, meeting in Brussels in an emergency session, have agreed to release 100 million barrels from strategic reserves over the next four months to reduce diesel prices, in exchange for US reassurance that it will not block diesel exports to allies.

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Why It Matters

Diesel prices had reached high levels across Europe due to tensions in global energy markets, prompting G7 countries to seek coordinated solutions to control costs without compromising trade relations with the United States.

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BRUSSELS – European countries bow to Donald Trump's diktat and through an emergency meeting of the G7 agree on the overall release from reserves of 100 million barrels of oil. In exchange they obtain reassurance from the American president not to block diesel exports. The objective is obviously to control fuel prices. Especially diesel reached high peaks across Europe yesterday. «I have just gathered the leaders of the G7 on the global energy situation – announced the French president, Emmanuel Macron, as rotating president of the G7 -. We agreed to work in a coordinated manner to help reduce the prices of petroleum products, especially diesel. We have decided to make production more flexible, making the most of the capacity of our refineries, to release up to 100 million barrels from our strategic reserves over 4 months and not to adopt any restrictive measures on the exchange of energy products between partners."

According to Macron, this represents a "clear signal of unity" with the hope that "all this can start a decline in prices on world markets. We do everything necessary so that the price of petrol and diesel at petrol stations can drop as quickly as possible."

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As a further signal to the markets, the G7 countries have again warned that there could be a further release of diesel in the next twenty days. The partners of the Old Continent had expressed an opinion against the use of continental reserves in recent weeks. In exchange, in fact, the Europeans extracted from Trump a promise not to block diesel exports. «Our citizens – commented the President of the European Commission, Ursula von der Leyen – need and deserve accessible energy. As the G7, we will coordinate closely to achieve this goal. We welcome the decision of the G7 countries not to impose export bans to allies and the continued solidarity between partners." Yesterday morning a Commission spokeswoman underlined that a possible American ban on diesel exports "would not be beneficial to anyone. It would undermine our confidence in the United States as a reliable partner."

The EU Energy Task Force also met yesterday, specifying that "the supply of diesel fuel in the Union remains stable for the moment, but prices remain high due to tension on the global market".

What to Watch

AI outlook — possibilities, not facts

Diesel prices at European petrol stations will start to drop within the next two weeks
Likely · Within weeks
There could be a further release of diesel from the G7 strategic reserves in the next twenty days
Possible · Within weeks

Open Questions

Which countries will contribute to the release of the 100 million barrels and in what proportions?
How will the actual impact on final pump prices be monitored?
What are the precise conditions of the US commitment not to block diesel exports?