PARIS-The Group of Seven major economies agreed to release 100 million barrels of crude oil and fuel from their emergency stocks within four months and not to restrict oil exports, French President Emmanuel Macron said on Friday, in an effort to bring down the soaring price of diesel and other fuels.
On his Truth Social platform, President Trump said that European nations agreed "to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately." The statement from Macron said the reserve release would aim to bring down oil product prices, particularly diesel.
The announcement would seem to end the threat of a U.S. ban on diesel exports, at least for now. The G-7 countries agreed to "take no measures to restrict the exchange of energy and petroleum products between partner countries," Macron said.
