The Group of Seven (G7) has agreed to release 100 million barrels of strategic diesel and crude oil reserves over the next four months, according to reports by Reuters and other media outlets.

Citing Reuters and other sources, the G7 held a meeting presided over by French President Emmanuel Macron on the afternoon of the 2nd local time and issued a joint statement, announcing, "To stabilize global energy markets, we have agreed to jointly release 100 million barrels of diesel and crude oil through the International Energy Agency (IEA)."

They stated in the joint statement, "We will immediately implement the commitment to jointly release 100 million barrels through the IEA and carry it out over a four-month period," adding, "This plan includes G7 members and partners prioritizing the release of significant amounts of diesel within the initial 20 days."

In addition, the G7 agreed during the meeting not to ban diesel exports among member countries.

They also decided to coordinate maintenance schedules among member states' oil refineries.

Previously, the Élysée Palace announced that following a telephone conversation overnight between President Macron and U.S. President Donald Trump to discuss energy market issues such as soaring diesel prices, President Macron planned to convene a meeting of G7 members that afternoon to discuss responses to the crude and refined petroleum markets.

Ahead of the G7 meeting, European Union (EU) member states—which have been facing heavy pressure from the Trump administration to release strategic diesel reserves—also held an emergency meeting that morning to discuss countermeasures.

In connection with this, Reuters reported, citing sources familiar with the matter, that EU member states exchanged views during a morning videoconference on a French proposal for European nations to release 50 million barrels of diesel and IEA member countries to release 50 million barrels of crude oil.

According to the sources, European countries shared the view that if Europe agreed to release additional strategic diesel reserves, a commitment should also be secured ensuring that the United States would not unilaterally ban diesel exports.

With the mid-term elections approaching in November, the Trump administration has been considering blocking diesel exports as a measure to curb high inflation, a major political liability. It had issued an ultimatum stating that if Europe failed to release strategic reserves to stabilize diesel prices, the U.S. would ban diesel exports.

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