G7 countries said they will release 100 million barrels of diesel and crude from emergency stocks over four months through the IEA, with a front-loaded diesel portion, after U.S. pressure over fuel prices tied to the Iran war.
Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves, coordinated through the International Energy Agency, Nikkei Asia reported, citing Reuters. The statement said the release would begin immediately and run for four months, with a substantial diesel volume front-loaded within 20 days by G7 members and partners.
The G7 did not publish a breakdown between crude and diesel or name every contributing country. It also said members would refrain from energy-product export bans, coordinate refinery maintenance and try to raise refinery use where possible. Xinhua reported the same 100-million-barrel figure and the four-month timetable.
The move follows U.S. pressure as fuel prices rose during the Iran war, which had already prompted the largest emergency stock release in IEA history in March. IEA Executive Director Fatih Birol said about 325 million barrels of a 400-million-barrel March pledge had been released, Xinhua reported. OilPrice.com noted the new G7 language can be read as completing earlier commitments rather than a wholly separate tranche.
French officials had discussed a European diesel release of 50 million barrels alongside 50 million barrels of crude from IEA members, sources told Reuters, as reported by Nikkei. President Donald Trump welcomed the decision on Truth Social, saying Europe had agreed to release diesel and that the process would begin immediately.
The release can add physical fuel to a tight market but does not create new refining capacity. Further diesel releases could be considered if needed, the G7 said.
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- Trump wrote that Europe had agreed to release a massive amount of diesel and that the process would begin immediately.