G7 to Release 100 Million Barrels of Oil Reserves as Trump Welcomes Europe Diesel Deal

Members of the Group of Seven (G7) have announced plans to release up to 100 million barrels of oil from their strategic reserves over the next four months as global energy prices continue to rise amid the ongoing US-Israel war with Iran.

The decision was announced after a meeting chaired by French President Emmanuel Macron. The G7 said the release would be coordinated through the International Energy Agency (IEA).

The group also said a substantial portion of the diesel reserves would be released within the first 20 days in an effort to quickly ease pressure on diesel supplies and prices.

US President Donald Trump welcomed the development, saying Europe had agreed to release a “massive amount” of its heavily stocked diesel reserves.

Trump has been pressuring European countries, particularly Germany and France, to release diesel stockpiles as disruptions to shipping through the Strait of Hormuz have contributed to higher global energy prices.

According to Eurostat data from June 2026, European Union countries and the United Kingdom hold about 52 million tonnes of gas, oil and diesel stocks, including nearly 38 million tonnes of emergency reserves held by EU countries.

EU regulations require member states to maintain emergency oil stocks equivalent to at least 90 days of net imports or 61 days of domestic consumption, whichever is higher.

The development comes as diesel prices in the United States remain elevated. The national average price reached $6.37 per gallon on Friday, after hitting a record $6.52 on September 22.

US diesel inventories also fell to a record low of 107.9 million barrels as of September 11, according to the report.

Earlier, Trump had threatened to consider banning US diesel exports if European countries refused to release their reserves. The European Union rejected the threat on Friday.

The G7 said it would meet with the IEA in the coming days to consider whether additional diesel releases would be necessary.

The IEA's 32 member countries had already agreed in March to release 400 million barrels of oil from emergency reserves, although officials say that process has not yet been fully completed.