Washington – Trump: The U.S. will not halt oil exports, praises Europe’s decision

– U.S. President Donald Trump stated that the United States will not impose a ban on oil (diesel) exports, after the G7 countries agreed to coordinate the release of oil and petroleum product reserves onto the market, Reuters reported.

Trump said yesterday that the U.S. would not stop oil exports, praising the decision of the European countries to release fuel reserves onto the market.

The statement came after the leaders of the G7 countries agreed to coordinate the release of up to 100 million barrels of oil and petroleum products from emergency reserves, aiming to increase supply and ease pressure on fuel prices.

The decision was taken at a time when global energy markets are facing supply problems and rising oil prices.

The U.S. administration had put pressure on European countries to use their strategic oil reserves.

In recent days, Washington had left open the possibility of restricting U.S. oil exports if Europe did not take measures to increase supply.

Trump said that, after the G7 agreement, the U.S. will not implement an export ban.

The U.S. president praised Europe’s decision, describing it as an important contribution to increasing fuel supply.

However, Trump also said that an export ban had not really been “on the negotiating table”, even though his administration had publicly discussed the possibility of such a measure in recent weeks.

Under the G7 agreement, member countries will coordinate with the International Energy Agency (IEA) the release of up to 100 million barrels from strategic reserves over a four-month period.

Part of the reserves is expected to reach the market in the first weeks, aiming to immediately increase the supply of crude oil and refined products, including diesel.

The agreement also envisages that G7 countries avoid restrictions on exports of energy products among themselves.

Pressure on the oil market has risen because of supply disruptions and uncertainties created by the conflicts in the Middle East, as well as by the reduction of Russian fuel exports and damage to refining capacities in Russia.

Europe is particularly exposed to these developments, because of its dependence on oil imports.

The release of strategic reserves aims to increase supply in European and American markets and to curb further rises in fuel prices.

The G7 agreement represents a coordinated effort to use strategic reserves as a response to the recent pressures on the global energy market.