Europe agrees to release diesel stocks, Trump says

Trump's statement followed talks on Friday among EU governments, who discussed a proposal by France for European countries to release 50 million barrels of diesel, and for International Energy Agency members to release 50 million ​barrels of crude oil, three sources familiar with the discussions told. Reuters.

Under the proposal discussed by European governments on Friday morning, Europe would release part of the ​diesel volumes in a 20-day period, responding to Trump's demand for a rapid release of fuel stocks, two of the sources said.

G7 say to release '100 mn barrels' of diesel and crudeG7 countries agreed Friday to release 100 million barrels of diesel and crude oil from their reserves over four months, leaders said, agreeing to "refrain from export restrictions on energy" and urging others to do the same.

The announcement came after G7 leaders held talks to coordinate action on fuel prices, after the United States upped pressure on Europe to release its strategic reserves by threatening a diesel export ban.

The seven countries agreed to "a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days," they said in a joint statement released by French President Emmanuel Macron's office. Read More:Oil falls about 3% on talks over diesel, crude stock releases.

The leaders also said that there would be no ban on diesel exports between them. "We reaffirm our commitment to refrain from 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 leaders said.

"Our citizens' concerns about energy prices remain a top priority," they added. "We will monitor developments closely and stand ready to adjust measures as needed. "Macron had convened a video call of G7 leaders -- a group comprising also Britain, Japan, Canada, Germany and Italy -- to discuss joint action after he spoke with Donald Trump.

US diesel futures extended their price losses on Friday after reports of the stock release discussions, and were down more than 4% ​to $4.4491 a gallon. Benchmark European diesel futures fell by over $100 a metric ton, LSEG data showed.

The discussions underscore growing pressure on Europe as Trump considers a potential ban on US diesel exports to help lower domestic fuel prices ahead of November 3 midterm elections.

In weighing its response, the EU needs to balance the need to ease soaring fuel costs against preserving emergency reserves to safeguard against uncertain supply from ​Gulf producers due to disruptions caused by the Iran war. France's finance and energy ministry did not immediately respond to a request for comment.

French President Macron spoke with Trump overnight, emphasising ​the need to work together to combat rising fuel prices and ensure the global availability of refined products, the Elysee Palace said on Friday. France currently holds the presidency of the G7.

Reuters reported on ‌Thursday that ⁠the Trump administration had draw down emergency diesel inventories or face a potential US diesel export ban, the discussions. The US had demanded large European countries including France and Germany release 100 million barrels of diesel within a 20-day window, two of the sources told.

Reuterson Friday. Global diesel supply has been hit by the US war with Iran and a Russian ban on exports after Ukraine damaged many of its refineries. Chinese refiners have also suspended October fuel exports to bolster domestic stocks, sources said.

The ​proposed 50-million-barrel release equates to approximately 17% ​of the EU's total emergency stocks of ⁠diesel and gasoil, Eurostat data current as of May 2025 showed. It reflects around 3% of the bloc's annual consumption of the fuel, Eurostat data show.

Europe used to mainly rely on Russian and Middle Eastern diesel imports but has increasingly relied on imports from the United States ​in recent years.

"Having been caught dragging their feet on promised strategic stock releases earlier this year and now jarred by possible US ​export restrictions, European countries ⁠will likely release more diesel and possibly crude from their stocks," said Bob Mc. Nally, president of Rapidan Energy Group.

"European strategic stock releases are a necessary, if not sufficient, condition to prevent US export restrictions, which would still remain on the table given acute political anxiety in the White House about high pump prices.

"In the call on Friday, EU countries discussed making a condition for any ⁠agreement on diesel ​stock releases a US commitment to not impose a unilateral diesel export ban, one of the sources said.

The ​32-member IEA agreed in March to a coordinated release of 400 million barrels of strategic oil reserves, in response to the Iran war, the largest such release in history. IEA Executive Director Fatih Birol said this week that members ​had released about two-thirds of those volumes.