G7 NATIONS have agreed to release up to 100 million barrels of diesel and crude oil from strategic reserves amid soaring fuel prices and pressure from the US.
French President Emmanuel Macron announced the agreement on Friday following talks between world leaders over pressure on global energy supplies.
The release will take place over the next four months and will be coordinated through the International Energy Agency (IEA).
Macron said G7 nations had also agreed to “take no measures to restrict the exchange of energy and petroleum products between partner countries”.
It comes after US President Donald Trump piled pressure on European countries to draw down their emergency diesel reserves as prices surged.
Writing on his Truth Social platform, Trump said: “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.
“The process will begin immediately.”
The move follows a stand-off between the US and Europe over fuel supplies, with the Trump administration having considered restricting American diesel exports if European countries did not release more of their reserves.
A joint G7 leaders’ statement read: “Facing unprecedented volatility in oil markets – with surging prices threatening economic stability and the well-being of our citizens – we have agreed on decisive, coordinated measures to stabilise immediate energy supplies, shield households and businesses from price shocks, and strengthen the long-term resilience of global energy systems.
“We will coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilisation rates where feasible.
“We also encourage engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel, in light of ongoing market pressures in this segment.
“The G7 requests the IEA (International Energy Agency) to monitor the immediate and full implementation of the March 2026 commitments.
“In this regard, taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.”
Earlier on Friday, UK transport minister Keir Mather sought to reassure motorists that the country's diesel supplies remained “robust” and “resilient”.
He said people “shouldn’t be concerned about shortages” because of the resilience built into the UK's supply system.
The UK is a member of the IEA and is required to maintain emergency oil stocks equivalent to at least 90 days of net imports.
The reserves are designed to be released in response to serious disruptions to global energy supplies.
