G7 issues joint statement confirming 100m-barrel oil release via the IEA

G7 leaders have formally confirmed a coordinated release of up to 100 million barrels of crude oil and oil products from strategic stockpiles, ending weeks of brinkmanship over a threatened US ban on diesel exports.

The joint statement, released on Friday by the office of French President Emmanuel Macron, commits the G7 to “a coordinated release through the IEA of 100 million barrels to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.”

The pledge goes beyond Macron’s earlier confirmation of the release plans and represents a collective G7 commitment. The leaders also agreed to “take no measures to restrict the exchange of energy and petroleum products between partner countries”, according to a statement reported by the Wall Street Journal — effectively taking the US diesel-export ban off the table.

President Donald Trump, who had pressed Europe to release stockpiles to bring down fuel prices, said on Truth Social that Europe had agreed “to release a massive amount of their heavily stocked Diesel Oil”, adding: “The process will begin immediately.”

Markets reacted quickly. US WTI crude fell more than 4% after the announcement, according to FactSet data reported by MarketWatch, while Brent crude dropped more than 3%.

The G7 said the release aimed to bring down the price of oil products, particularly diesel, which has surged amid supply disruptions.

Sources: Reuters, Wall Street Journal, MarketWatch