SUMMARY

• G7 countries agreed to release 100 million barrels of oil and fuel from emergency reserves.
• A substantial amount of diesel will be released within the first 20 days.
• Trump said the US will not impose a diesel export ban.

UNITED STATES: US President Donald Trump said oil prices could fall after G7 countries agreed to release 100 million barrels of oil and fuel from emergency reserves.

The coordinated release was announced on Friday as fuel prices remained high following supply and shipping disruptions linked to the Iran war.

G7 Agrees Emergency Release

The G7 said the release would begin immediately and continue over four months through the International Energy Agency.

A substantial amount of diesel will be released within the first 20 days, according to the group’s joint statement. The G7 also agreed to avoid energy export restrictions between member countries.

The move follows pressure from the US for European countries to release emergency diesel supplies. Trump had previously raised the possibility of restricting US diesel exports if European supplies were not increased.

G7 moves to ease fuel pressure as oil and diesel prices surge.

Trump Says Prices Could Drop

Speaking outside the White House, Trump welcomed the agreement and said Europe had a large supply of diesel that could contribute to easing global fuel pressure.

He also said the US would not impose the export ban.

Trump predicted that oil prices could eventually return to previous levels or fall even further. However, the G7 agreement is intended to ease supply pressures, and its effect on prices will depend on market conditions.

Fuel Prices Under Pressure

The latest action comes after sharp increases in oil and diesel prices linked to disruptions in energy supplies and shipping routes.

The US and European markets saw fuel prices fall after news of the G7 agreement, with investors responding to expectations of additional supply.

The G7 said the International Energy Agency will monitor the impact of the release and provide a follow-up report within 20 days.

The group also said it would consider additional diesel releases if necessary.

Rapid Response 47, via Viory.Video

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