G7 countries agree to release 100 million barrels of diesel and oil from strategic reserves

G7 countries have agreed to release 100 million barrels of diesel and crude oil from their strategic reserves, bowing to growing pressure from US President Donald Trump.

The decision comes as Trump tries to reduce high diesel prices for American drivers ahead of mid-term legislative elections, which will take place in November and determine control of Congress.

G7 leaders said this Friday (2) that they would release 100 million barrels of refined products, including diesel, in an action coordinated by the IEA (International Energy Agency) "in the face of continued market pressures in this segment".

"Taking into account the commitments that have already been fulfilled," the group said, referring to a previous promise made in March, "we will implement our commitments through the coordinated release, via the AIE, of 100 million barrels (MB), starting immediately and over four months."

The plan will include a "substantial" release of diesel reserves within the first 20 days.

The White House had asked Europe to release at least 100 million barrels, according to two diplomats familiar with the matter, and threatened to ban U.S. diesel exports if European countries did not meet the demand.

In a post on his Truth Social account following the G7 statement, Trump announced the agreement: "Europe has just agreed to release a huge amount of its diesel fuel, stocks of which are high. The process will begin immediately," he said on his Truth Social social network.

In March, Europe committed to releasing 73 million barrels of refined fuels as part of a 400 million barrel withdrawal from strategic stockpiles coordinated by the IEA in response to the conflict in the Middle East.

The United States has largely completed its part of the program, but some European countries have not yet fulfilled their obligations, according to Fatih Birol, executive director of the IEA.

Diesel prices have been trading above US$200 per barrel in the United States, Europe and Asia for several weeks, due to a series of shocks that have affected global refineries, including the war with Iran, Russia's conflict with Ukraine and China's decision to limit fuel exports.

The price of diesel in the UK exceeded 2 pounds (R$13.86) per liter on Friday for the first time, according to the RAC.

On Thursday, it emerged that Beijing had not given its biggest refineries any quotas to export fuel in October, except to Hong Kong and Macau.

Macron spoke with Trump overnight and highlighted the need to work together to combat rising fuel prices and guarantee the availability of refined products around the world.

The release of 100 million barrels is equivalent to approximately 34% of the EU's total emergency stocks of diesel and gasoil, according to Eurostat data updated in May 2025. This represents around 3% of the bloc's annual fuel consumption.

Europe used to rely mainly on diesel imports from Russia and the Middle East, but in recent years it has increasingly turned to imports from the US.