G7 nations, which include France, the US, UK, Germany, Italy, Canada and Japan, agreed to release up to 100 million barrels of emergency diesel and crude oil supplies in response to Donald Trump, president of the US, threatening to ban US diesel exports.
French president and current G7 chair Emmanuel Macron held a leader’s video call to discuss the global surge in diesel prices and Trump’s threat, which was delivered as an ultimatum for Europe to begin using its stockpiles to help the global market.
Under reported plans, G7 members will release 50 million barrels of diesel and 50 million of crude oil to ease prices. Europe produces around 70% of the diesel it consumes, relying on imports – such as from the US – for the remaining 30%.
According to The Guardian, Macron said G7 nations will ‘work in a coordinated manner to help bring down the prices of petroleum products, particularly diesel… G7 members and partners will front-load a substantial diesel release within the first 20 days and ministers will discuss the possibility of additional diesel releases as necessary. We have all committed together to releasing these strategic reserves in the proportions I mentioned, with a focus on diesel, and we are all committed to ensuring there are no export bans, and President Trump, in particular, was very clear on this point.’
