G7 to release 100 million barrels of oil and diesel after Trump export ban threat
BBC News reports that the G7 has agreed to release 100 million barrels of oil and diesel to ease supply pressures causing global price hikes. This move follows President Trump's threat to ban US diesel exports, a decision aimed at benefiting American consumers ahead of November's midterm elections but significantly impacting other nations' prices.
In a joint statement, the G7 countries (US, UK, Canada, Japan, Germany, Italy, and France, with the EU also represented) agreed to "refrain from export restrictions" on energy products among themselves. The group coordinated their actions through the International Energy Agency (IEA), aiming to release reserves over four months, including an immediate substantial diesel release.
President Macron of France confirmed the agreement and highlighted Trump's specific commitment against export bans. The statement emphasized a coordinated approach, stating:
"We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners."
The exact countries contributing to the stock release and timelines remain unclear. The global price of Brent crude oil dipped below $100 per barrel but recovered to around $102 by the evening of October 2nd, a stark contrast to the pre-US/Israel invasion of Iran price of approximately $73.