Macron confirms G-7 will release up to 100 million barrels of diesel and crude; oil prices slide

French President Emmanuel Macron confirmed on Friday that Group of Seven members would release as much as 100 million barrels of diesel and crude oil from their strategic stockpiles over four months, a move coordinated by the International Energy Agency, MarketWatch reported.

Oil prices slid on the announcement: US-traded WTI crude was off by more than 4% a barrel, while Brent crude, the international benchmark, was off by more than 3%, according to FactSet data.

President Trump announced the agreement in a Truth Social post: “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately.”

The confirmation follows a French proposal, discussed by EU governments on a call on Friday, under which European countries would release 50 million barrels of diesel while IEA members release 50 million barrels of crude oil, Reuters reported. The Trump administration had pressed Germany and France to draw down 100 million barrels of diesel within a 20-day window or face a potential US diesel export ban, three people close to the discussions told Reuters. EU governments said any release should be tied to a US commitment not to impose a unilateral export ban.

Brent had climbed above $100 a barrel on October 1, driven by the deployment of a third US aircraft carrier to the Middle East and China’s suspension of fuel exports. The European Commission said the EU was “ready for collective action”, stressing the IEA would organise any release. G7 leaders, with France holding the presidency, were expected to hold a call on Friday afternoon to map out next steps.

The release is a follow-up to Thursday’s emergency diesel-stockpile talks reported in Flip News.