G7 countries agree on release of diesel and oil stocks after US pressure

According to Al Jazeera, the announcement came just moments after US President Donald Trump said in a post on his Truth Social account that Europe had "just agreed to release a massive amount of their heavily stocked Diesel Oil".[2]CNBC reports that G7 leaders said the release will begin immediately and continue over four months with "a frontloaded substantial diesel release within the first 20 days" coordinated through the International Energy Agency.[1]Citing Reuters, The Express Tribune reports that EU governments discussed a proposal by France for European countries to release 50 million barrels of diesel, and for International Energy Agency members to release 50 million barrels of crude oil[3].According to CBS News, the G7 leaders' statement discouraged any such bans, but did not mention Mr. Trump[4], after he had threatened to ban US diesel exports. In the statement, the leaders said they would "refrain from export restrictions on energy and energy products between G7 countries"[4].NBC News reports that European Commission President Ursula von der Leyen said they "welcome the decision of G7 countries not to impose any export bans on allies and the continued solidarity between partners."[5]According to Newsweek, GasBuddy's Patrick De Haan said the move could ultimately lower fuel prices by roughly 10 to 20 cents per gallon, though he cautioned the effect could be more pronounced in Europe than in the U.S.[6]Newsweek also reports that the deal marks a win for President Donald Trump as his administration faces mounting political pressure over energy prices ahead of November's midterm elections.[6]