G7 to Release Up to 100 Million Barrels of Diesel, Crude

(Bloomberg) — The Group of Seven nations and its partners are to release as much as 100 million barrels of emergency oil and diesel stocks amid pressure from the Trump administration to quell rising fuel prices.

The release, being coordinated by the International Energy Agency, will take place over the next four months, Emmanuel Macron, France’s president and the current chair of the G7, told journalists in a briefing on Friday. The G7 would like to trigger a drop in fuel prices, he added.

European diesel prices and Brent crude futures slumped after the news. 

The decision came after the US floated the possibility of a debilitating diesel-export ban if European countries didn’t release more supplies. Such a move would threaten a crucial source of supply for the continent, which leans heavily on imports to cover a diesel-production shortfall.

The IEA already coordinated a plan to release 400 million barrels in March soon after the Iran war broke out, but US President Donald Trump has criticized Europe for not making those barrels available fast enough. 

A subsequent G7 statement suggested that the 100 million barrels may include barrels that have not yet been made available under the March release.

“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,” Macron said.

Trump said in a social media post on Friday that he welcomed the latest action. 

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump said. “The process will begin immediately.”

Diesel’s premium over crude oil, a closely watched measure of market strength, slumped as low as $69 a barrel, down from $76.77 on Thursday, fair-value data compiled by Bloomberg show.

While the Iran war has boosted the price of crude, it has placed even greater strain on prices for oil products like diesel and gasoline. That’s because the conflict, alongside Russia’s war in Ukraine, has resulted in a shortage of functioning refineries that can supply to market.

Diesel has surged to a record $6.50 a gallon at the pump in the US, hurting the nation’s farmers and spurring Trump to say he’d support a ban on exports. In Europe, futures prices have at times climbed above $200 a barrel, a level traders say is high enough to put pressure on demand.

Europe consumes more diesel than it produces, meaning it often imports from far afield. However, the US threat of an export ban and China’s decision to cancel some fuel loadings in October, on top of the two wars in Iran and Ukraine, mean there are few options to add supply currently other than reserve releases.

© 2026 Bloomberg L.P.

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