{"id":790016,"date":"2026-10-02T21:10:12","date_gmt":"2026-10-02T21:10:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/790016\/"},"modified":"2026-10-02T21:10:12","modified_gmt":"2026-10-02T21:10:12","slug":"g7-to-release-up-to-100m-barrels-of-emergency-oil-and-diesel-reserves-oil","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/790016\/","title":{"rendered":"G7 to release up to 100m barrels of emergency oil and diesel reserves | Oil"},"content":{"rendered":"

Leaders of G7 nations are to release up to 100m barrels of their emergency diesel and crude oil stockpiles after Donald Trump<\/a> threatened to cut off supplies of US diesel.<\/p>\n

The French President, Emmanuel Macron<\/a>, said ministers from some of world\u2019s largest economies had agreed to release stocks from their strategic oil reserves after crisis talks on Friday.<\/p>\n

Macron convened the leaders\u2019 video call to discuss the global surge in diesel prices, and Trump\u2019s threat to cut off US diesel exports unless Europe<\/a> tapped their own stockpiles to help cool global markets.<\/p>\n

Under proposals reportedly drawn up by Macron, the current G7<\/a> chair, members will release 50m barrels of diesel and 50m of crude oil into the global market to ease prices.<\/p>\n

The agreement suggests European countries will avoid being cut off from vital supplies of US diesel after coming under pressure from the White House in recent days to release their emergency supplies or face a US diesel export ban.<\/p>\n

Trump said he was considering a ban on diesel exports<\/a> after the surge in sales to overseas buyers pushed US diesel prices to record highs in a blow to the economy before the US midterm elections in November.<\/p>\n

Macron said G7 nations \u2013 which also includes the US, UK, Germany, Italy, Canada and Japan \u2013 wanted to \u201cwork in a coordinated manner to help bring down the prices of petroleum products, particularly diesel\u201d.<\/p>\n

He added that the G7 members and partners would front-load a substantial diesel release within the first 20 days and that ministers would discuss the \u201cpossibility of additional diesel releases as necessary\u201d in the coming days.<\/p>\n

\u201cWe have all committed together to releasing these strategic reserves in the proportions I mentioned, with a focus on diesel, and we are all committed to ensuring there are no export bans, and President Trump, in particular, was very clear on this point,\u201d Macron said.<\/p>\n

\"DieselDiesel export ban: will Trump push global energy prices even higher? – The Latest<\/p>\n

Trump said in a post on his Truth Social platform<\/a> that Europe had \u201cagreed to release a massive amount of their heavily stocked Diesel Oil\u201d and that the process would start \u201cimmediately\u201d.<\/p>\n

The threat of a US export ban presented a considerable challenge for Europe, which produces about 70% of the diesel it consumes from domestic refineries but relies on imports to make up the shortfall.<\/p>\n

The ongoing disruption to fossil fuel exports from the Middle East has limited output from the region\u2019s refineries as well as those in China, which is a leading buyer of Gulf crude. Meanwhile, Russian refineries have come under attack from Ukraine, causing its fuel output to fall to 20-year lows.<\/p>\n

In response, the US exported a record high of 1.9m barrels a week to overseas buyers in early August as the slump in global refining squeezed supplies across Europe and Asia.<\/p>\n

The record exports caused the US\u2019s own distillate stockpiles to fall to their lowest seasonal levels since 1996, causing diesel pump prices to climb above $5.85 (\u00a34.45) a gallon for the first time in early September.<\/p>\n

The proposed ban on US exports was expected to fuel greater competition for cargoes on the global market which would push prices in the UK and Europe well beyond current record levels.<\/p>\n

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In the UK, the average price of diesel at the pumps climbed to a record high of \u00a32 a litre<\/a> on forecourts on Friday, putting more pressure on motorists and the wider economy.<\/p>\n

The cost of filling up an average family car is now \u00a3110, according to the RAC motoring group, nearly \u00a332 more than before the Iran war. UK lorries, vans and farming vehicles are also typically diesel-fuelled, meaning the price rises will be felt in the higher cost of goods across the economy.<\/p>\n

Brent crude oil was trading at just above $100 (\u00a376) a barrel on Friday, compared with about $72 before the Iran war started. It fell to about $98 a barrel following news of the emergency stockpile release before returning to more than $102 a barrel by the end of the day.<\/p>\n

Macquarie Group\u2019s Walt Chancellor said Europe\u2019s decision to rely more on its own emergency reserves than US imports would not address the underlying problem in the US or the global market.<\/p>\n

\u201cThe core issue the US faces is not a diesel problem. Nor is it a refined product problem. It may not even be a petroleum problem. It is a global energy problem,\u201d he said, according to CNBC.<\/p>\n

\u201cSo what is the solution then? In short, more oil through the strait of Hormuz and out of the Middle East. Anything short of that is really just shuffling deck chairs,\u201d he added.<\/p>\n

The IEA, the world\u2019s energy watchdog, ordered the largest release of government oil reserves<\/a> in its history in March when it agreed to release 400m barrels of emergency crude, to help calm the oil price shock sparked by the US-Israeli attacks on Iran.<\/p>\n

The intervention represented a third of the group\u2019s total government stockpiles and was more than double the release of 182m barrels of oil made in 2022 after Russia\u2019s invasion of Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"Leaders of G7 nations are to release up to 100m barrels of their emergency diesel and crude oil…\n","protected":false},"author":2,"featured_media":790017,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-790016","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-gb","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/790016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=790016"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/790016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/790017"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=790016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=790016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=790016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}