G7 Agrees to Release 100 Million Barrels of Oil

The Group of Seven (G7) nations agreed on Friday to release 100 million barrels of crude oil and fuel products from strategic stockpiles over the next four months. The coordinated action, managed by the International Energy Agency, includes a substantial release of diesel within 20 days. The agreement follows intense pressure from Donald Trump, who threatened to ban U.S. diesel exports to lower domestic prices ahead of November midterm elections.

Global fuel prices surged due to the U.S.-Israel war against Iran, which led to a blockade of the Strait of Hormuz, and ongoing conflict between Russia and Ukraine. In the United Kingdom, diesel prices hit a record average of 200.01p per litre, with some forecourts exceeding £2.17. The crisis was exacerbated by the planned 10-week maintenance shutdown of the Fawley refinery in Hampshire, the UK's largest production site.

While the European Commission initially rejected a U.S. export ban, warning of dramatic economic consequences, French President Emmanuel Macron convened G7 leaders via video call to reach the accord. As part of the deal, Trump committed to avoid restricting oil exports between partner countries. In the UK, Transport Minister Keir Mather reassured the public that the national supply remains resilient, while the government extended a fuel duty freeze until the end of the year to mitigate costs.