G7 to Release 100 Million Barrels After Trump Export Threat

The G7 will release up to 100 million barrels of oil and diesel within four months, defusing a crisis triggered by President Donald Trump's threat to ban US diesel exports.

French President Emmanuel Macron announced the figure after a meeting of G7 leaders, saying the coordinated action would "bring down the prices of petroleum products, particularly diesel". The release will run under the coordination of the International Energy Agency and will comprise a mix of diesel and crude oil. The group said the move would include a "substantial release" of diesel in the coming days.

In a joint statement, the G7 — the US, UK, Canada, Japan, Germany, Italy and France, with the EU represented at its meetings — said member countries had agreed to "refrain from export restrictions on energy and energy products" on one another.

The deal heads off a rupture in transatlantic energy trade. Trump had warned he would ban diesel exports from the US unless European countries agreed to put more of their own stocks onto the market. A ban would have eased prices for US consumers ahead of November's midterm elections but pushed prices higher everywhere else.

On Friday, Trump declared victory on social media: "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately."

His Treasury Secretary, Scott Bessent, had argued that US farmers, truckers and businesses "should not be left carrying the burden" as prices soar. Diesel powers haulage and agriculture, so cost increases feed directly into essentials such as food.

European countries had pushed back against US threats to turn off American diesel supplies. The standoff played out against a backdrop of the US-led war in the Middle East and reduced supplies from Russia and China.

The UK attended the meeting through Foreign Secretary Ed Miliband, who said the measures would "stabilise energy supplies, build resilience in supply chains and shield households and businesses from price shocks".

For import-reliant countries, avoiding a US export ban brings significant relief. UK pump prices topped £2 a litre for the first time on Friday.

The stakes are high because the US sits at the center of the global diesel market. US refineries produce roughly four to five million barrels per day, according to the US Energy Information Administration. Americans consume about 3.6 million barrels of that output. Refiners export the remaining 1.2 to 1.5 million barrels per day, making the US a vital supplier to the global market.

The four-month timeline puts the release's full effect well past November's midterms, meaning both Washington and its allies will be watching pump prices and diesel crack spreads closely as the barrels start moving.