Group of Seven nations have agreed to release 100 million barrels of petroleum and fuel stocks through the International Energy Agency over a four-month period, with a portion weighted toward diesel designated for drawdown within the opening 20 days as pump prices rise across global markets.
French President Emmanuel Macron convened an unscheduled G7 video call on Friday, after which the resolution was made public. The G7 statement indicated that diesel reserves would be drawn down immediately, with a heavily weighted portion of the combined release — involving both member nations and partner countries — scheduled for delivery within the opening three weeks.
The decision followed calls from US officials for European nations to release fuel from their emergency diesel stockpiles. The administration pressed France and Germany to draw down their fuel reserves, with officials indicating that a ban on diesel exports to those countries remained under consideration if the request went unmet.
On his Truth Social account, President Donald Trump described the outcome as a positive development, noting that G7 nations in Europe had committed to drawing down diesel reserves and that distribution would begin without delay.
The decision came during a period in which elevated fuel costs had become a source of political strain for Trump, with the November 3 midterm elections approaching. An AP-NORC poll's most recent findings showed public approval of Trump's handling of the economy had dropped to its lowest recorded point.
Diesel costs across the United States have moved higher, tied to turbulence in global energy markets connected to the armed conflict involving Iran. AAA data placed the nationwide diesel price at $6.37 per gallon as of Friday, down from a peak of $6.52 that the organisation recorded on September 22. According to figures released by the US Energy Information Administration, the national average price of on-highway diesel stood at $6.382 per gallon during the seven-day period that closed on September 28.
Across several European countries, diesel has climbed to all-time high prices. Prolonged diplomatic pressure from the United States shaped the terms on which G7 members ultimately reached their joint position. Reporting on Thursday indicated that the administration had pressed Germany and France to draw down their strategic diesel stockpiles as a way to ease fuel prices worldwide, with sources noting that a failure to do so could lead the administration to cut off diesel shipments to those nations.
Drawing on additional strategic reserves presents European governments with a balancing challenge, as they weigh the push to ease consumer prices against the need to maintain adequate stockpiles should the energy situation deteriorate further.
According to the G7 communiqué, the full 100 million barrels are not classified exclusively as diesel. The plan calls for a jointly managed discharge of 100 million barrels through the IEA, with diesel supplies prioritised at the opening phase of the effort. Refinery maintenance timetables were brought into alignment under the G7 framework, with output rates at processing facilities set to rise on a best-efforts basis.
Nations holding substantial oil-refining infrastructure faced a call to ramp up output of processed fuels, with diesel drawing particular attention. A commitment against placing restrictions on energy and energy-product trade among G7 nations was also part of the agreement reached by member countries.
