US President Donald J. Trump said European countries had agreed to release a large volume of their diesel stocks, with the process set to begin immediately.
Trump made the announcement on his Truth Social platform on Friday following a virtual G7 leaders’ summit that adopted a statement outlining coordinated measures to address global energy security and market stability.
The G7 leaders said they were facing growing challenges to energy security, with significant volatility in oil markets and rising prices posing risks to economic stability and households and businesses. Under the agreed measures, G7 countries will coordinate maintenance schedules at their refineries to avoid simultaneous capacity shutdowns and will temporarily increase refinery utilization where feasible.
The leaders also called for engagement with countries that have significant refining capacity to increase global production of refined products, particularly diesel, amid continued pressure in that market. The G7 asked the International Energy Agency (IEA) to monitor the implementation of commitments made in March 2026. Taking into account commitments already fulfilled, the group agreed to coordinate through the IEA the release of 100 million barrels of oil over four months, beginning immediately.
The plan includes a substantial, front-loaded release of diesel stocks during the first 20 days by G7 members and partner countries. The G7 also said it would meet through the IEA in the coming days to consider whether additional diesel releases are needed.
— KUNA
