G7 to release 100 million barrels of oil and diesel

· Energy · United States · United Kingdom

G7 nations will release 100 million barrels of reserves over four months to head off price spikes, after Trump threatened a US diesel export ban. Diesel hit a record £2 a litre in the UK, and EU officials warned of crisis talks on soaring prices.

Why it matters：A coordinated reserve release by the world's largest economies is a rare intervention that could decide whether fuel prices stabilize or a US export ban further squeezes Europe's economy.

Key points

  • G7 leaders said the release would be spread over the next four months
  • Trump ruled out a diesel export ban after the European release
  • UK diesel rose 40.5% since late February as Gulf supplies were disrupted

Sources (original reporting)

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