The Group of Seven (G7), in coordination with the International Energy Agency, will release up to 100 million barrels of diesel and other oil reserves over the next four months in efforts to bring down oil prices, according to a joint G7 leaders' statement released by the Elysee Palace -- the French presidential palace -- on Friday.
G7 leaders held a virtual meeting earlier in the day to address growing energy security challenges. According to the statement, the G7 will coordinate maintenance schedules across refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible.
The group also encourages engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel, the statement said.
The statement also reaffirmed the G7's commitment to refrain from export restrictions on energy and energy products between G7 countries and called on all producers to refrain from imposing bans that could exacerbate market tensions.
French President Emmanuel Macron said after the meeting that the G7 had agreed not to impose export restrictions or bans among its members, noting that U.S. President Donald Trump had also been "very clear" on this point. These decisions "should bring down fuel prices," he added.
U.S. President Donald Trump said on Friday that Europe has just agreed to release "a massive amount of their heavily stocked Diesel Oil," adding that the process will begin immediately.
Trump has pressured European countries to release some of their diesel reserves as he considers banning U.S. exports of the fuel.
The G7 consists of the United States, Britain, France, Germany, Italy, Canada, and Japan. France holds the rotating presidency of the G7 this year.
G7 to release 100 million barrels of diesel, other oil reserves over 4 months
