G7 member states will release “up to 100 million barrels” of diesel and crude oil from their strategic reserves over “the next four months” in order to ease pressure on fuel prices. They also agreed not to restrict exports of these supplies, French President Emmanuel Macron announced. “We decided to release strategic reserves of diesel and crude oil under the coordination of the International Energy Agency (…) in order to release up to 100 million barrels within four months,” the French president stated following a meeting of G7 heads of state and government.
Read more: Trump: “Europe agreed to release massive quantities of diesel” — G7 puts 100 million barrels on the market
Macron: “There will be no export restrictions or bans among G7 members”
“We agreed that there will be no export restrictions or bans among G7 members,” he added, stressing that US President Donald Trump, who had threatened to cut US natural gas exports, was also “very clear on this point.” These decisions “should bring fuel prices down,” he insisted.
Donald Trump’s post
In a post on Truth Social, Donald Trump stated that the release of diesel from European reserves would begin immediately. However, he did not provide further details on the quantities or the exact timeline.
“Europe just agreed to release massive amounts from its large diesel reserves. The process will begin immediately,” Trump wrote.
European Union member states discussed the French proposal today (2/10) for additional diesel reserve releases, responding to US pressure on European countries to free up larger quantities of diesel in an effort to bring down sharply rising prices.
The discussions come in the wake of intense pressure from Washington on Europe to tap into strategic reserves, with the goal of boosting supply and reining in soaring fuel costs.
