BRUSSELS: Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves to cool surging fuel prices linked to the Iran conflict. The move follows the biggest emergency stock release in history in March, which was coordinated by the International Energy Agency (IEA).
"Taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels," the G7 said in a joint statement. The release will begin immediately and last four months, featuring a front-loaded substantial diesel release within 20 days by G7 members and partners.
"Europe has just agreed to release a massive amount of their heavily stocked diesel oil. The process will begin immediately," US President Donald Trump wrote in a post on social media on Friday.
The US president is seeking to lower domestic fuel prices ahead of the November 3 midterm elections as Europe boosts US diesel imports due to supply disruptions from the Iran war. EU governments on Friday discussed a French proposal for European countries to release 50 million barrels of diesel and IEA members to release 50 million barrels of crude oil, according to three sources familiar with the discussions.