Members of the Group of Seven (G7) has announced they will release up to 100 barrels of strategic oil reserves as prices continue to soar amid the US-Israel war with Iran. In a statement following a meeting chaired by French President Emmanuel Macron, the group said the release would occur over four months and include “a frontloaded substantial diesel release within the first 20 days by G7 members and partners”. The announcement came just moments after United States President Donald Trump said in a post on his Truth Social account that “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil”.
The G7, composed of the world’s top economies, includes several European powers, including Germany, France, Italy and the United Kingdom. The European Union is also an observer member of the grouping. Trump has recently heaped pressure on European countries to release diesel stockpiles to ease soaring prices caused by the constriction of traffic via the Strait of Hormuz.
That has been a knock-on effect of the war with Iran, which Trump launched alongside Israel on February 28. Trump had previously floated banning US diesel exports if European countries did not comply. The European Union had earlier on Friday said it “fully rejects” the threat.
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