G7 releases up to 100m barrels of diesel, crude oil
The G7 countries have agreed to release up to 100 million barrels of diesel and crude oil from their national reserves to calm energy markets and ease fuel prices. French President Emmanuel Macron announced the deal on Friday after a video conference of G7 leaders, in which Chancellor Friedrich Merz also took part.
According to the joint G7 statement, the coordinated release runs through the International Energy Agency (IEA), starts immediately and is spread over four months. A large share of diesel is to be released early, within the first 20 days. The G7 also pledged not to impose energy export restrictions on each other. This is seen as a signal to the United States, which had threatened a unilateral diesel export ban. US President Donald Trump had pressed European partners to release their diesel stocks.
Diesel and petrol prices have risen sharply in recent weeks because of the Iran war. In March, the IEA released a record 400 million barrels of crude oil. The G7 say they will meet again within the IEA in the coming days to discuss further diesel releases, and they will also coordinate refinery maintenance plans.
What this means for you: the release is meant to take pressure off pump prices, but it does not set a price, and there is no guaranteed drop at your local station. How quickly prices react depends on the market. If you drive a diesel vehicle, compare prices in a fuel price app before filling up, because prices often differ by several cents between stations and times of day.