Stories
G7 to Release 100 Million Barrels of Oil, Diesel First, After Trump Push Over Record Fuel Prices
N
News18•03-10-2026, 00:41
G7 to Release 100 Million Barrels of Oil, Diesel First, After Trump Push Over Record Fuel Prices
- •G7 nations agree to release 100 million barrels of oil and fuel products, starting with diesel, to combat rising energy prices.
- •The decision follows US President Donald Trump's push for action on high fuel costs, with a substantial diesel release expected within 20 days.
- •US diesel prices reached a record $6.52 on September 22, prompting the G7's intervention ahead of the November 3 midterm elections.
- •French President Emmanuel Macron stated the agreement demonstrates G7 unity and aims to improve market liquidity and lower prices.
- •The move comes amidst supply disruptions from Russia and Gulf producers, adding to global fuel price pressures.
Key Questions Answered
The Group of Seven agreed to release 100 million barrels of oil and fuel products following a push from US President Donald Trump over record-high fuel prices and growing pressures ahead of the November 3 midterm elections.
The G7 will begin with a major release of diesel within 20 days, while President Trump announced on social media that the diesel release would begin immediately. The remaining volumes are scheduled to be released over the following four months.
The latest price surge was driven by factors beyond higher crude costs, including Russia restricting fuel exports after refinery attacks and falling fuel shipments from Gulf producers due to Iran war-related damage and export route disruptions.
