Europe Agrees to Release Diesel Reserves After Trump Pressure as Fuel Prices Surge

European countries have agreed to release part of their emergency diesel and oil reserves after pressure from US President Donald Trump, as soaring fuel prices continue to put pressure on consumers and businesses.

The Group of Seven agreed to a coordinated release of up to 100 million barrels of crude oil and petroleum products over four months, with a substantial amount of diesel to enter the market within the first 20 days. The International Energy Agency will coordinate the release.

Trump Calls for Immediate Release

Trump announced the development on October 2, saying European countries would release a "massive amount" of their heavily stocked diesel reserves. He had previously urged countries including Germany and France to make emergency supplies available to help bring down fuel prices.

The US administration had also considered restricting American diesel exports as domestic prices climbed. Trump said on Friday that the United States would not impose an export ban, while G7 leaders reaffirmed their commitment to avoiding energy export restrictions between member countries.

Diesel Prices Reach Record Levels

The move comes as diesel prices have risen sharply since the US-Iran conflict disrupted global energy supplies. In the United States, the average diesel price reached about $6.37 per gallon, according to the American Automobile Association.

Germany has also experienced a sharp increase, with the country's motoring association ADAC reporting an average diesel price of around €2.409 per litre.

The disruption has been compounded by Russia's restrictions on fuel exports following attacks on its refineries, adding further pressure to supplies in international markets.

Macron Confirms G7 Action

French President Emmanuel Macron confirmed the coordinated stock release after speaking with Trump. G7 leaders said the measure would address concerns over energy prices and supply disruptions.

The G7 statement said the release would begin immediately and continue for four months. Leaders also said they would monitor energy markets and remain prepared to adjust measures if necessary.

European officials had earlier expressed concern that a US diesel export ban could create additional supply problems. EU Trade Commissioner Maros Sefcovic warned that such a move could have significant economic consequences for Europe.

Energy Crisis Adds Pressure on Governments

The stock release is intended to provide additional diesel supplies as countries enter the winter heating season and demand from agriculture and transport remains high.

The decision also comes as governments face growing pressure over energy costs. In the US, higher fuel prices have affected farmers, truckers and businesses, while European countries are attempting to protect supplies amid continuing disruptions to global energy markets.

The coordinated release could provide short-term relief to fuel markets, although the underlying supply disruptions linked to the wider Middle East conflict and refinery constraints remain unresolved.