washington — President Trump said European leaders have agreed to release “significant amounts” of diesel stockpiles to ease high oil prices after an emergency meeting of the Group of Seven leaders.
After an overnight phone call between French President Macron and Trump, the G7 held a video conference on Friday morning to discuss fuel supplies and prices. After that meeting, Trump said Europe would release diesel from its stockpiles “immediately.”
“Europe just agreed to release a massive stockpile of diesel fuel,” Trump wrote on Truth Social. “The process will begin immediately, thank you for your interest in this matter!”
A joint statement from the G7 leaders issued by the Elysee Palace in Paris confirmed that the “coordinated release” of 100 million barrels of oil will begin immediately and will take place within four months. This will include “early significant releases of diesel by G7 members and partners within the first 20 days,” the statement said.
The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, including the European Union as a non-enumerated member.
A White House official said Trump spoke with Macron last night and with G7 leaders this morning to negotiate the release of European diesel stockpiles. Fatih Birol, executive director of the International Energy Agency, released a photo of the conference call.
Trump has threatened to ban U.S. diesel exports, a move that would drive up global diesel prices. G7 leaders discouraged any such ban in a statement but did not mention Trump.
“We reaffirm our commitment not to impose export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions,” the statement read.
In the United States, soaring diesel price yes rippling Schools, farmers and small businesses are under financial pressure as fuel costs soar. Farmers who rely on diesel to power farm machinery are also facing higher costs, while businesses from construction companies to food banks have reported significant increases in fuel bills for vehicles and delivery trucks.
This is a developing story and will be updated.