G7 nations agreed Friday to release 100 million barrels of diesel reserves to ease fuel shortages and rising prices, following pressure from the Trump administration, according to the group’s joint statement.
The release will begin immediately and continue for four months, with a large portion deployed during the first 20 days through coordination with the International Energy Agency. US diesel prices averaged $6.37 per gallon Friday after reaching records in September.
G7 members also agreed to avoid energy export restrictions among themselves and urged producers not to impose measures that could worsen market tensions.
The US supplied about half of EU diesel imports in August, according to the IEA. Energy analysts said the broader problem is a global energy shortage, with restoring oil flows through the Strait of Hormuz seen as critical to easing supply pressures.
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BREAKING: The G-7 is agreeing to release 100 MILLION barrels of crude oil and fuel from emergency stockpiles as governments scramble to bring down soaring diesel prices.
— Fox News (@FoxNews) October 2, 2026
President Trump says European nations will begin releasing a "massive amount" of their diesel reserves… pic.twitter.com/8kNW2rh12O
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