The G7 countries have agreed to release 100 million barrels of diesel and crude oil to address global energy supply concerns. This decision followed a video conference chaired by French President Emmanuel Macron, focused on soaring fuel prices amid the US-Israeli conflict with Iran, which has inflated energy costs worldwide.
President Trump praised the agreement, announcing that the US would not impose a threatened ban on diesel exports. Instead, the leaders emphasized coordination to release reserves through the International Energy Agency (IEA) over the next four months, including a rapid diesel release.
Despite pressure from the US, the EU firmly resisted potential export bans, with Macron stressing the importance of collaboration. Meanwhile, US officials indicated the need for support for American businesses impacted by diesel shortages. The recent spike in diesel prices, exacerbated by Russia’s export bans following the Ukraine conflict, has heightened inflation concerns in Europe, prompting G7 leaders to maintain sanctions against Russia while striving to stabilize global energy markets.
