G7 commits 100 million barrels as Trump drops diesel export-ban threat
G7 members will release 100 million barrels of oil and fuel products over four months, with a substantial diesel release in the first 20 days, after Washington pressed Europe to draw on reserves. The agreement also rules out energy export restrictions between G7 partners, easing a threat to European diesel supplies as prices surge.
Bottom line — The 100-million-barrel release is a temporary buffer; analysts quoted by USA TODAY warn it may not address the supply shortfall driving prices.
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The G7 says the release will be coordinated through the International Energy Agency, with further diesel releases to be discussed if needed.
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The joint statement commits G7 members to refrain from restricting energy exports to one another; Trump later said a US ban was never really on the table.
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The BBC reports that the UK imports more than half its diesel, with 31% of those imports coming from the US.
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NPR reports that France consumes about 600,000 barrels of diesel a day and imports half of it.
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Energy strategist Clay Seigle told USA TODAY that reserve releases may lower prices temporarily but cannot replace insufficient production relative to demand.
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BNN Bloomberg reports that analysts differ on whether the 100 million barrels are additional to a previous stock-release commitment or the remaining portion of it.