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Sat, 03 Oct 2026

Sat, 03 Oct 2026 G7 to release millions of barrels of oil and diesel after Trump threat

The co-ordinated release is aimed at heading off further price spikes and avoiding a ban on US diesel exports.

* The G7 has agreed to release 100 million barrels of oil and diesel over four months to ease supply concerns.
* This includes a "substantial release" of diesel within 20 days, with discussions around additional releases as necessary.
* There will be no export restrictions on energy and energy products between G7 members.
* The US had threatened to ban diesel exports if European countries did not put more stocks onto the market.
* The agreement was reached after a meeting of G7 leaders, chaired by French President Emmanuel Macron.
* The release of fuel reserves is expected to bring down prices of petroleum products, particularly diesel.
* The UK and other countries reliant on imports will benefit from avoiding a US export ban.
* Supplies of diesel have been constrained due to the conflict in the Middle East and Russia's own export ban.