IEA says 325 million barrels released as G7 adds new diesel and crude drawdown

The International Energy Agency said member countries have now released about 325 million barrels of oil and oil-derived products from strategic reserves since March. That is more than 80% of the 400 million barrels originally pledged in the agency's collective action. The update came as G7 leaders agreed to immediately release 100 million barrels of diesel and crude oil in response to supply concerns.

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The agency said the 325 million barrels represented the amount released so far under the March commitment, leaving 75 million barrels still outstanding. The G7 did not say whether its new 100 million-barrel plan includes that remaining volume or comes on top of it. The latest move was agreed in coordination with the International Energy Agency and follows pressure from the United States for allies to add more fuel to the market.

The focus on diesel reflects continuing strain in a fuel that is central to freight, agriculture and industry. The market has been affected by the war involving the United States and Iran, including disruption to shipping through the Strait of Hormuz, as well as by Ukrainian strikes on Russian refineries. Those pressures have tightened supply conditions and helped push governments toward coordinated reserve releases.

The latest figures underline the scale of the effort by major consuming countries to steady fuel markets under pressure. The G7 includes the United States, Canada, Britain, France, Germany, Italy and Japan, all of which are members of the International Energy Agency. The agency's collective action framework gives governments a formal mechanism for releasing stocks when markets are hit by major disruptions.

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The political significance is also clear. Donald Trump's administration has been pressing allies to release diesel reserves to ease price spikes being felt in the United States and elsewhere. French President Emmanuel Macron's office said the G7 agreement was reached after leaders discussed the need for a coordinated response, while also avoiding export restrictions between members.

What remains unclear is how quickly the new barrels will reach the market and whether the G7's 100 million-barrel plan overlaps with the remaining IEA pledge. It is also not yet clear how much each country will contribute in practice. Further statements from the IEA and national governments are likely to determine whether more measures follow if supply pressures persist.

The International Energy Agency said member countries have now released about 325 million barrels of oil and oil-derived products from strategic reserves since March. That is more than 80% of the 400 million barrels originally pledged in the agency's collective action. The update came a day after the Group of Seven agreed to release another 100 million barrels of diesel and crude oil over four months.

The G7 said the new release would include a frontloaded diesel drawdown within the first 20 days. It did not say whether the 100 million barrels would include the remaining 75 million barrels from the March commitment or come on top of it. The move was agreed with the International Energy Agency and was presented as a response to supply concerns linked to the war involving the United States and Iran.

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The latest figures underline the scale of the effort by major consuming countries to steady fuel markets under pressure. Diesel shortages have been one of the most visible effects of the disruption, with the United States pressing allies to release more stocks to help ease price spikes. The market has also been affected by reduced shipping through the Strait of Hormuz and by Ukrainian strikes on Russian refineries, both of which have tightened supply conditions.

The March pledge was made by the IEA's 32 member countries, which include all G7 states: the United States, Canada, Britain, France, Germany, Italy and Japan. The agency's role gives the drawdown a formal framework for coordination among major energy consumers. The G7's separate agreement adds to that response and shows how governments are trying to balance domestic fuel prices against wider supply risks.

Diesel matters because it is used heavily in freight, agriculture and industry, so changes in supply can quickly affect transport costs and inflation. The latest action also reflects the political pressure on governments to respond to energy shocks without worsening shortages elsewhere. The decision not to impose a ban on diesel exports between G7 members was intended to avoid adding further strain to the market.

What remains unclear is how much each country will release in practice and how quickly the fuel will reach the market. It is also not yet clear whether the G7's 100 million-barrel plan is separate from the earlier IEA pledge or partly overlaps with it. Further statements from the IEA and national governments are likely to determine how the drawdown is implemented and whether more measures follow if supply pressures persist.

The Group of Seven has agreed to release up to 100 million barrels of oil and diesel from emergency stockpiles in a coordinated effort to ease supply pressures and slow rising fuel prices. French President Emmanuel Macron said the release would be organised through the International Energy Agency and would begin immediately over four months. He added that the plan would include a frontloaded diesel release within the first 20 days by G7 members and partners.

The agreement followed a meeting of G7 leaders chaired by Macron and came after President Donald Trump threatened to ban diesel exports from the United States if European countries did not put more of their own stocks onto the market. In a joint statement, the G7 said members had also agreed to refrain from export restrictions on energy and energy products between one another. The UK said the measures were intended to stabilise energy supplies, build resilience in supply chains and shield households and businesses from price shocks.

Diesel is a key fuel for freight, agriculture and industry, so changes in supply can quickly affect transport costs, food prices and wider inflation. Macron said the coordinated action would help bring down the price of petroleum products, particularly diesel. The move also reflects the scale of the pressure on major economies as they try to balance domestic fuel costs with the risk of worsening shortages elsewhere.

The G7 includes the United States, the United Kingdom, Canada, Japan, Germany, Italy and France, with the European Union also represented at its meetings. The latest decision shows the bloc trying to present a united response after days of tension over export policy and reserve use. It also underlines the continuing importance of the International Energy Agency as a framework for coordinated action among consuming nations.

What remains unclear is how much each country will release in practice, how quickly the fuel will reach the market and whether the drawdown will be enough to ease prices. It is also not yet clear whether further measures will follow if supply pressures persist. Further statements from G7 governments, the International Energy Agency and national energy ministries are likely to shape the next stage of the response.

The Group of Seven has agreed to release up to 100 million barrels from emergency crude oil and diesel stockpiles within four months, in a coordinated move aimed at easing surging fuel prices. France's President Emmanuel Macron said the drawdown will be organised through the International Energy Agency and that the first 20 days will see a front-loaded diesel release. The announcement followed a leaders' video meeting chaired by Macron, who said the aim was to help bring down the price of petroleum products, especially diesel.

Macron said G7 members and partners had committed to act in a coordinated manner and to avoid measures that would restrict the exchange of energy and petroleum products between partner countries. He also said the leaders would discuss the possibility of additional diesel releases if needed in the coming days. The move comes after pressure from Donald Trump, who has been urging European countries to release emergency supplies and has considered a ban on US diesel exports.

The decision is significant because diesel is central to freight, agriculture and industry, and any large-scale release of reserves can affect inflation and wider economic activity. European countries have been under particular pressure because they produce about 70% of the diesel they consume but still rely on imports to cover the shortfall. Analysts have warned that competition for diesel cargoes on the global market could push prices even higher if supply remains tight.

The G7 includes the United States, the United Kingdom, Germany, France, Italy, Canada and Japan, and its response reflects the scale of the market strain facing major economies. The International Energy Agency's role gives the plan an established framework for coordination among consuming nations. The timing also matters politically, with fuel costs already a sensitive issue in the United States ahead of November's midterm elections.

What remains unclear is how much each country will release, how quickly the fuel will reach the market, and whether the drawdown will be enough to slow prices. It is also not yet clear whether any further measures will follow if fuel costs remain elevated. Further statements from G7 governments, the International Energy Agency and national energy ministries are likely to shape the next stage of the response.

The Group of Seven has announced that it will release strategic oil reserves over four months as prices continue to rise amid the war involving the United States, Israel and Iran. In a statement after a meeting chaired by French President Emmanuel Macron, the group said the plan would include a frontloaded substantial diesel release within the first 20 days by G7 members and partners. The announcement came shortly after Donald Trump said on social media that Europe had agreed to release a large amount of diesel stockpile.

The G7 said the move was intended to help ease soaring fuel prices linked to tighter traffic through the Strait of Hormuz. The supplied report says Trump has been pressing European countries to release diesel stockpiles, and had previously floated a ban on US diesel exports if they did not comply. The European Union had earlier on Friday rejected that threat, underscoring the tension around how to respond to the market shock.

Diesel is a key fuel for freight, agriculture and industry, so any coordinated release of reserves could have wider effects on inflation and economic activity. The G7 includes Germany, France, Italy and the United Kingdom, while the European Union is an observer member, making the bloc central to any coordinated response. The timing also matters because the price spike is being driven by a geopolitical conflict that has already disrupted refined-product flows and raised concern about supply security.

The broader backdrop is a transatlantic dispute over who should bear the burden of stabilising the market. The supplied report says the Trump administration has linked the price rise to the war in Iran, while European officials have been weighing how far they are willing to go with emergency stocks. France's role as chair of the meeting places Macron at the centre of the immediate response, while the G7's collective statement suggests a coordinated approach rather than a unilateral national move.

What remains unclear is how much diesel each participant will actually release, how quickly the reserves will reach the market, and whether the plan will be enough to slow prices. It is also not yet clear how the European Union and individual member states will implement the announcement in practice. Further statements from G7 governments, the European Commission and national energy ministries are likely to determine the next stage of the response.

EU energy officials are meeting on Friday amid a growing standoff with the United States over diesel prices and the possible use of strategic reserves. The talks come after reports that President Donald Trump threatened a 90-day ban on US diesel exports unless France and Germany release 120 million barrels from their stockpiles. The dispute has sharpened as fuel costs remain elevated and policymakers on both sides of the Atlantic look for ways to steady the market.

The European Commission said the emergency meeting of member states would take place early in the day, while EU trade chief Maroš Šefčovič said a US export ban would be unexpected for Europeans and would have very dramatic consequences for economic performance. He said he had not gone into details on energy exports with US Trade Representative Jamieson Greer, but that both sides had agreed to stay in close touch to avoid surprises. In Milwaukee, Mr Greer said there was eagerness on both sides to work together on the diesel issue.

The pressure reflects the scale of the price shock in the United States, where diesel has risen to $6.40 per gallon, according to the supplied report. Treasury Secretary Scott Bessent has urged European partners to accelerate delivery on existing commitments and make additional supplies immediately available to address ongoing disruptions. The issue has also become politically sensitive in Washington ahead of next month's midterm elections, with higher energy costs adding to voter discontent.

The dispute matters because diesel is central to freight, agriculture and industry, so any restriction on exports or release of reserves could quickly affect inflation and wider economic activity. France and Germany are being singled out because they hold large strategic stocks, making them key players in any coordinated European response. The row also highlights how closely linked transatlantic energy markets remain, even when governments are trying to protect domestic consumers.

The broader backdrop is a wider rise in fuel costs linked in the report to the war in Iran, which has tightened refined-product supply and pushed up global oil prices. Trump has blamed the spike on Ukraine hitting Russian oil refineries, but the supplied report says most analysts see the Iran war as the main driver. That disagreement underlines the political and economic complexity of the crisis, as governments weigh short-term relief against the need to preserve emergency stocks for future shocks.

What remains unclear is whether Washington will formally impose an export ban, how much diesel France and Germany would be willing to release, and whether the meeting will produce a coordinated European response. It is also not known how quickly any decision would affect prices if taken. Further statements from the European Commission, national energy ministries and US officials are likely to determine the next stage of the dispute.

President Donald Trump has said he may ask European countries to release some of their diesel reserves as Washington considers a ban on US exports of the fuel. The comments came as Treasury Secretary Scott Bessent urged European partners to make additional supplies available immediately, saying they should not leave US farmers, truckers and businesses carrying the burden of higher prices. The move has intensified a transatlantic dispute over how to respond to a global diesel shortage.

The latest remarks follow talks already held with European partners about possible reserve releases, including a call involving UK and European officials on Thursday. Bessent said European partners should accelerate delivery on existing commitments and make extra supplies available to address ongoing disruptions. The United States is a major diesel supplier, exporting between 1.2 million and 1.5 million barrels a day, so any restriction could quickly affect prices beyond America.

The issue matters because diesel is central to freight, agriculture and industry, and price spikes can feed into inflation and wider economic activity. In the UK, diesel prices have reached record highs this week and are hovering just under 200p per litre, according to the supplied report. Officials have said there is no cause for concern about shortages, but they also expect prices to rise further if Washington moves ahead with export limits.

The dispute also has political weight in the United States, where fuel costs are a concern ahead of the November elections and control of Congress is at stake. The supplied report says the Trump administration is weighing restrictions amid surging costs linked to the war in Iran, which has tightened refined-product supply and pushed up global oil prices. European capitals are trying to balance immediate relief with the need to preserve emergency stocks for future shocks.

European governments have already been coordinating on the issue, with the UK holding talks with European partners about a possible response. A source familiar with the discussions said it was prudent to prepare a coordinated reaction with other countries, including those across the European Union, while noting that reserves remain after an earlier coordinated release of strategic fuel stocks. The European Commission and national governments are therefore being pushed to decide how far they are willing to go if Washington acts.

What remains unclear is whether the United States will formally impose an export ban, how much diesel any European country would be willing to release, and how quickly such a move could affect prices. It is also not known whether the talks will produce a coordinated European response before any US decision. Further statements from Washington, the European Commission and national energy ministries are likely to determine the next stage of the dispute.

President Donald Trump has said the United States may ask European countries to release diesel reserves as Washington tries to ease rising fuel prices. The comments came as Treasury Secretary Scott Bessent urged European partners to immediately tap their stocks and make additional supplies available to address ongoing disruptions. The issue has become a transatlantic policy test as officials on both sides of the Atlantic weigh emergency steps to steady a market under strain.

Bessent said European partners should accelerate delivery on existing commitments, while US Trade Representative Jamieson Greer said France, Germany and Italy would likely want a cooperative path forward with Washington on getting more diesel to market. Energy Secretary Chris Wright said he was highly confident Europe could help ease soaring global prices by releasing emergency diesel inventories. European capitals have been coordinating diesel measures, and the European Union's trade chief, Maros Sefcovic, said a US ban on diesel would be unexpected and would harm Europe's economy.

The pressure on policymakers reflects the scale of the price spike. US diesel prices hit a record $6.53 per gallon a week ago, according to the supplied report, while the European Commission said 12 EU member states had recorded new all-time highs, including Italy, Belgium, Romania and Poland. The report also says the Trump administration and Republican lawmakers are considering restricting US diesel exports ahead of upcoming midterm elections, underscoring the domestic political stakes of the fuel shock.

Diesel matters because it is central to freight, agriculture and industry, so higher prices can quickly feed into inflation and wider economic activity. The current dispute also highlights how dependent European markets remain on international refined-product flows, even though Europe produces about 70% of the diesel it consumes from domestic refineries. France and Germany hold more than a third of the EU's strategic diesel reserves, making them key players in any coordinated response.

The broader backdrop is a sharp rise in energy costs linked in the report to the war on Iran, which has tightened refined-product supply and pushed up global oil prices. That has left governments trying to balance short-term relief against the need to preserve emergency stocks for future shocks. It also raises the prospect of further transatlantic friction if Washington moves ahead with export restrictions while asking Europe to help stabilise the market.

What remains unclear is whether the United States will formally request reserve releases, how much fuel any European government would be willing to draw down, and how quickly such a move could affect prices. It is also not known whether Washington will follow through on any export restriction if Europe does not act. The next developments are likely to come from further coordination among European capitals and any official response from the European Commission or US agencies.

The United States has urged European allies to release strategic diesel reserves immediately as fuel prices continue to rise, escalating a transatlantic dispute over how to ease pressure on refined-product markets. EU member states are due to discuss a coordinated response on Friday, according to the supplied report. The issue has become more urgent after Washington suggested it could restrict US diesel exports if European partners do not act.

US Treasury Secretary Scott Bessent said European partners should accelerate delivery on existing commitments and make additional supplies available to address ongoing disruptions. The report also says President Donald Trump told reporters in Texas that he may ask European countries to release diesel reserves, while EU trade chief Maros Sefcovic said any US move to ban exports would be unexpected for Europeans. The European Commission said member states would meet it on Friday to consider a coordinated response, underscoring the official level of concern.

The talks come as diesel prices have surged, adding pressure on consumers and businesses on both sides of the Atlantic. The report says the Trump administration wants France and Germany in particular to tap stockpiles, while Ireland, France, Germany, Italy and the United Kingdom have already held consultations with the European Commission. The International Energy Agency is also expected to be involved, reflecting the scale of the market disruption and the limited options available to governments.

The dispute matters because diesel is central to freight, agriculture and industry, so higher prices can feed quickly into inflation and wider economic activity. It also highlights the dependence of European markets on international refined-product flows, even though Europe produces about 70% of the diesel it consumes from domestic refineries. The United Kingdom is especially exposed because it does not refine enough diesel to meet domestic demand, and about a third of its diesel imports last year came from the United States.

The broader backdrop is a sharp rise in energy costs linked in the report to the US war on Iran, which has pushed up global oil prices and tightened refined-product supply. The report says Brent crude rose from about $72 a barrel in February to above $101 on Thursday, helping drive the current pressure on diesel markets. It also notes that high energy costs are a political concern in the United States ahead of next month's midterm elections.

What remains unclear is whether Washington will follow through on any export restriction, and whether any European government will actually release reserves. It is also not known how much fuel could be drawn down, or how quickly that would affect prices. Friday's meeting between EU member states and the European Commission is likely to be the next key test of whether a coordinated response can be agreed.

EU energy officials are due to meet on Friday after a sharp rise in diesel prices prompted talks about possible coordinated action on strategic fuel reserves. The discussions come as the UK and several EU member states continue consultations over whether emergency stockpiles could be released if market conditions worsen. The issue has become more urgent after reports that the US president has threatened a 90-day ban on diesel exports unless France and Germany release large volumes from their reserves.

According to the supplied report, Irish, French, German, Italian and UK officials held a joint call with the European Commission on Thursday to assess the situation. A spokesperson for Ireland's Department of Climate, Energy and the Environment said the diesel market was "currently very tight" and that the Commission, together with Ireland as holder of the rotating presidency of the Council of the EU, was coordinating with member states to consider appropriate measures. The spokesperson also said the International Energy Agency would be involved, noting that it had coordinated collective action earlier this year to support oil markets.

The talks reflect growing concern about the impact of higher diesel costs on consumers and businesses across Europe and the United States. In the US, diesel has risen to $6.40 per gallon, according to the report, adding to voter discontent ahead of next month's midterm elections. The European Commission's trade commissioner, Maros Sefcovic, said he had discussed the global diesel market with US Trade Representative Jamieson Greer and said Europe wanted a coordinated approach to lowering prices.

He also warned that any move to restrict diesel exports would be unexpected and could harm Europe's economic performance. The immediate policy question is whether governments should draw on strategic reserves to ease short-term pressure in a market that is already tight. That would offer some relief if supplies tighten further, but it would also reduce the buffer available if prices rise again.

The issue matters because diesel is central to freight, agriculture and industry, so even modest price changes can feed through into wider inflation and economic activity. The current dispute also highlights the dependence of European markets on international refined-product flows. The supplied report says Europe produces about 70% of the diesel it consumes from domestic refineries, but still relies on imports to balance demand.

It also says the UK is particularly exposed because it does not refine enough diesel to meet domestic needs, and that about a third of UK diesel imports last year came from the United States. That makes any disruption to transatlantic supply politically and economically sensitive. What remains unclear is whether Washington will follow through on the reported export threat, and whether any European government would actually release reserves.

It is also not known how much fuel could be drawn down, or how quickly that would affect prices. The Commission's Energy Union Task Force is due to meet on Friday, and further talks with the International Energy Agency are expected to shape the next steps.

Britain is in talks with European allies over whether to release emergency diesel stockpiles after the Trump administration threatened to cut off US supplies of the fuel. Ministers held calls on Thursday with counterparts from the European Commission, Germany, France, Italy and Ireland to discuss the possible drawdown of reserves. The discussions came after Washington told Germany and France to release their stockpiles to help ease rising global energy prices or face a US export ban.

The warning has added pressure to already strained fuel markets. A US official said it was in Europe's best interest to work with the United States as it pursued ways to boost refined-product supply and lower costs for consumers. The Trump administration has been frustrated with France and Germany, which it believes have not followed through on commitments to release oil and petrol stocks.

It is unclear whether the UK would be included in any ban, but officials said the loss of US supply would push prices higher. The UK is particularly exposed because it does not refine enough diesel to meet domestic demand. About a third of UK diesel imports last year came from the United States, according to the supplied report.

The average price of a litre of diesel in the UK reached a new record of 199.72p on Wednesday, and the chancellor has described diesel prices as extreme. The government has also been in discussion with the US over trying to prevent a ban, underlining the immediate commercial stakes for motorists and businesses. The talks come at a time when Europe is already relying on a delicate balance between domestic refining, reserve stocks and imports from the global market.

Europe produces about 70% of the diesel it consumes from domestic refineries, but experts fear that competition for cargoes would still push up prices if supplies tighten further. Releasing reserves could ease short-term pressure, but it would also reduce the buffer available if the market worsens again. That makes the issue significant not only for fuel prices, but also for wider energy security and transatlantic trade relations.

The broader backdrop is a sharp rise in oil prices linked to the war in Iran, which has disrupted energy flows through the Strait of Hormuz. Before the war, Brent crude traded at about $72 a barrel in February, but it was above $101 on Thursday. That increase has fed through into refined products such as diesel, intensifying pressure on governments to respond.

The current talks show how quickly a supply dispute can become a political issue across both sides of the Atlantic. What remains unclear is whether the United States will proceed with any export ban, and whether Britain or the EU countries involved would actually release reserves. It is also not known how much stock could be drawn down, or how quickly that would affect prices at the pump.

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