G7 nations agree to release 100 million barrels of oil to ease diesel prices

Explainer

The Group of Seven industrial nations said Friday they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with a substantial release of diesel.

U.S. President Donald Trump said the diesel release would happen “immediately,” while a G7 statement promised a “frontloaded substantial release” of diesel within the next 20 days.

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The announcement follows intense pressure from the Trump administration for Europe to tap its stockpiles of diesel, a politically damaging issue for Trump and his Republican Party ahead of the Nov. 3 midterm elections.

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump wrote on his Truth Social account. “The process will begin immediately.”

What did the G7 agree to do?

The G7 leaders said the release of 100 million barrels of oil would “begin immediately” over four months, coordinated through the International Energy Agency.

The statement said the release would include “a frontloaded substantial diesel release within the first 20 days by G7 members and partners.”

The group also agreed not to limit energy exports to each other. “We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions,” the statement said.

Trump had previously floated banning U.S. diesel exports if European countries did not release their stockpiles, a major worry for European countries because U.S. diesel accounts for more than half of the continent's imports of the fuel.

Why is this happening now?

Trump and his Republican Party face pressure to address surging prices ahead of the midterm elections, and Trump announced the action Friday on social media.

The president’s approval ratings on the economy hit a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased U.S. prices for oil and other goods.

A new AP-NORC poll found that a majority of U.S. adults blame Trump for higher prices.

Trump had a conversation overnight with French President Emmanuel Macron, the chair of the G7, about the need to address rising fuel prices and the availability of petroleum products, according to the French Embassy in the U.S.

Macron on Friday then chaired a videoconference of G7 leaders to discuss the issue.

Besides his call with Macron, Trump on Friday called in to the meeting with the G7 leaders to negotiate the release of the European diesel stockpiles, according to a White House official who was not authorized to speak publicly and spoke on the condition of anonymity.

How high are diesel prices?

The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to the American Automobile Association, after hitting a record $6.52 on Sept. 22.

Gas prices in the U.S. and abroad have soared during the eight-month-long war with Iran, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons.

Diesel is fundamental to many top U.S. industries, including transportation, construction and agriculture.

U.S. diesel inventories hit a record low of 107.9 million barrels as of Sept. 11, 2026.

What was the European reaction?

French President Emmanuel Macron denied European leaders had been strong-armed into making the concession with the threat of a diesel export ban.

“The tone of our discussion was not one of threats; it was constructive,” Macron told press on Friday. He added that Trump had been “very clear” that there would be no export ban.

The announcement comes after several rounds of emergency talks between European governments over how to respond to the U.S. pressure, with France proposing a release of 100 million barrels of European oil and diesel earlier Friday.

According to Eurostat’s June 2026 data, EU countries, along with the United Kingdom, hold about 52 million tonnes of gas, oil and diesel stocks.

Two EU diplomats suggested Friday that the announcement was simply a reaffirmation of a March commitment where the IEA’s 32 member countries agreed to unlock 400 million barrels of oil from their emergency reserves.

Trump has grown increasingly frustrated with what he sees as a disconnect between his achievements and the public’s view of his work. This week he gave himself an A-plus for his work on the economy but said “we’re doing an extremely poor job of promotion.”

Trump on Thursday embarked on what he said would be a 32-day marathon of rallies to try to bolster his party’s chances for keeping control of the U.S. House and Senate.

With files from Global News, CityNews and Al Jazeera