The G7 countries have agreed to release up to 100 million barrels of diesel and crude oil over the next four months. French President Emmanuel Macron announced the decision following a video conference on the energy crisis, which came after intense pressure from US President Donald Trump to lower soaring consumer fuel prices ahead of the US midterm elections.
Emergency Negotiations and the Threat of a Diesel Export Ban
European ministers held days of crisis video conferences to coordinate a response after Washington threatened to impose an export ban on diesel. According to media reports, American officials initially demanded the release of 120 million barrels of diesel over a 180-day period—an amount equivalent to slightly less than half of all diesel reserves held across Europe.
The diplomatic push from the United States intensified on Thursday when US Treasury Secretary Scott Bessent posted on the social media platform X, calling on European partners to step up their support. Bessent stated that the US under Donald Trump was doing its part to stabilize global energy markets and argued that European nations should immediately release additional reserves to tackle ongoing shortages.
"American farmers, logisticians and businesses should not have to carry the burden of the global diesel shortage alone," Bessent noted, emphasizing that transatlantic allies needed to share the burden of tight fuel supplies.
Soaring Fuel Costs Driving Political Stakes in Washington
The urgency behind the American demand stems from a sharp rise in domestic diesel prices driven by the ongoing war involving Iran. Average prices at the pump in the US have climbed significantly, jumping from around $3.50 per gallon before the conflict to an average of $6.31 per gallon, with individual states seeing even steeper costs.
This spike has created a severe domestic political hurdle for President Trump and the Republican party. With the midterm elections scheduled for November 3, where control of the House of Representatives and one-third of the Senate is up for grabs, the administration faces mounting pressure from voters squeezed by high energy costs.
| Metric / Parameter | Before the Crisis | Current Status |
|---|---|---|
| US Average Diesel Price (Per Gallon) | ~$3.50 | $6.31 |
| Agreed G7 Release Volume | N/A | Up to 100 million barrels |
| Agreed Release Timeline | N/A | Next four months |
| US Midterm Election Date | N/A | November 3 |
Coordinated European Response and International Participation
In response to the American pressure, European Union energy ministers convened multiple emergency sessions on Thursday and Friday. British energy minister Martin McCluskey also participated in the discussions, joining continental counterparts to formulate a joint strategy, according to BBC reporting.
The resulting G7 agreement to release 100 million barrels over four months aims to cool international markets and ease the severe price pressures currently weighing heavily on American logistics, agriculture, and transportation sectors. Brussels and its G7 partners settled on the compromise figure as European officials worked to prevent the threatened unilateral export restrictions from Washington.
