Iran · updated 1h ago · 2 min read
G7 Agrees to Release 100 Million Barrels of Oil, Including Diesel, Over Four Months
G7 will release 100 million barrels of diesel and crude oil over four months. Release to begin immediately with frontloaded diesel in first 20 days.
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G7 targets diesel surge
The Group of Seven agreed to release 100 million barrels of oil, including diesel, from emergency reserves over the next four months, with “substantial” amounts of diesel expected within the first 20 days. President Donald Trump said the diesel release would happen “immediately,” and the G7 said it would implement the plan through the International Energy Agency over 4 months.
France announced the agreement after a videoconference led by President Emmanuel Macron, and the International Energy Agency would coordinate the release. The G7 said it would “refrain from export restrictions on energy” among themselves, while the announcement was framed as a response to surging fuel prices tied to supply disruptions linked to the war with Iran.
Iran war and Strait
The G7 announcement came as the United States-Israeli war with Iran was described as driving pressure on energy markets, with the G7 condemning Iran’s attacks against its neighbors and saying they affected traffic through the Strait of Hormuz. The G7 praised the United States for “its efforts to ensure the free flow of trade through the strait,” and the communiqué said the concern of citizens about energy prices remained an “absolute priority.”
The G7 said it would coordinate refinery maintenance programs so plants do not shut down simultaneously, and it asked countries with greater crude refining capacity to boost production, especially diesel. The G7 also invited the International Energy Agency to monitor the impact of the decisions and present a report in 20 days with practical recommendations to improve future responses.
Political pressure and market
President Donald Trump faced pressure to address surging prices ahead of the Nov. 3 midterm elections, and the diesel release was presented as a way to stabilize immediate energy supply.
Macron said, “This common decision and this unity should bring down prices,” and he added that the volumes released would “add liquidity to the market and bring down prices.”
The Associated Press reported that Trump’s approval ratings on the economy hit a new low as the Iran war and his trade battles increased U.S. prices for oil and other goods.
The G7 statement also said the group agreed not to limit energy exports to each other, while some Republicans had called for Trump to ban U.S. exports of diesel to bring domestic prices down.