Trump says Europe has agreed to release a ‘massive amount’ of diesel reserves immediately — G7 agrees on 100 million barrels in four months

U.S. President Donald Trump announced that Europe has agreed to immediately release a “massive amount” of its diesel reserves to counter rising prices, as Al Jazeera reports in its live coverage of the war. “Europe has just agreed to release a massive amount of its stored diesel. This is in response to our war with Iran, and the fact that our energy costs are way down, and we don’t need much of it!”, Trump wrote on his Truth Social account, adding that the release will happen “immediately”.

The announcement came after a videoconference of G7 leaders, at which French President Emmanuel Macron said the members had agreed to continue coordinating action “to help energy shipments get out of the Strait of Hormuz, within the framework of international law”. According to Macron, the G7 members agreed that “no ban” would be placed on diesel exports among them and that they would make up to 100 million barrels of diesel and oil available to one another over the next four months, with diesel supplies “front-loaded”.

The development came after the White House pressed European countries to release their emergency diesel reserves to cool global fuel prices, which have risen sharply because of the war with Iran. As Al Jazeera reports, the administration is trying to lower fuel prices at home and abroad; a U.S. official told the broadcaster that it is in European countries’ interest to release the reserves, as it would help stabilize markets shaken by the war.

According to Al Jazeera, Europe had been trying to avoid a U.S. diesel export ban being imposed: the continent does not have sufficient domestic supply and Russian supplies disappeared after the invasion of Ukraine, so the United States has become an essential supplier. According to Reuters, cited in the liveblog, the details of the plan — around 100 million barrels, a mix of diesel and crude oil — were expected to be finalized at the G7 call convened by France.