G7 to Release 100 Million Barrels of Oil Amid U.S. Pressure

In an emergency meeting held on Friday, the Group of Seven (G7) agreed to release 100 million barrels of oil over the next four months, beginning with diesel stocks. The decision followed intense pressure from the Trump administration, which had urged European countries to tap their diesel reserves to ease a sharp price rise that was becoming a political issue ahead of the U. S. midterm elections. President Trump had threatened a diesel export ban, a concern for Europe because U. S. diesel supplies more than half of the continent’s imports. The G7 statement confirmed that no export restrictions would apply among member states. French President Emmanuel Macron said the talks were constructive and not driven by threats, while Trump announced on Truth Social that Europe had agreed to a “massive” release. The move echoes a March commitment to release 400 million barrels earlier this year, though many of those barrels had not entered the market due to competition from cheaper U. S. crude.