G7 releases 100 million barrels as Europe faces diesel supply risk
The G7 has agreed to release 100 million barrels of crude and fuel from emergency stocks over four months, with substantial diesel volumes due within 20 days. The move followed Washington’s pressure on Europe and a threat to restrict US diesel exports; the UK imports nearly 55% of its diesel, with the US supplying around 31%, according to the Press Association.
Bottom line — The G7 release starts immediately, while Trump now says a US diesel export ban was never on the table.
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The G7 also pledged to refrain from energy export restrictions among member countries, according to its joint statement.
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The agreement gives no country-by-country breakdown of volumes or split between crude, diesel and other products, Cyprus Mail reported.
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The release may partly draw on the March agreement for 400 million barrels; IEA chief Fatih Birol said members had released about two-thirds of that total, according to Cyprus Mail.
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Analysts at Energy Aspects called the G7 pledge political rather than a specific, binding commitment, and said its headline volume was intended to dissuade Trump from an export ban.
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Trump told reporters the ban was “never really on the table”, despite having recently said he was considering it, TASS reported.
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Benchmark European diesel futures fell by about €83 per metric tonne, or 5.75%, after reports of the stock-release discussions, according to LSEG data cited by Cyprus Mail.