G7 governments have committed to keeping energy exports flowing to one another while agreeing to make 100 million barrels of oil and diesel available to ease supply strains. The agreement comes as US President Donald Trump seeks to bring down sharply higher fuel prices before November’s midterm elections.
The commitments were set out in a joint statement by the group, whose members are Canada, France, Germany, Italy, Japan, the UK and the US. The European Union also participates in G7 meetings.
Under the agreement, releases will start immediately and continue over four months. G7 countries and their partners will supply a significant volume of diesel within the first 20 days, addressing pressures that have driven fuel prices sharply upward.
The export pledge follows Trump’s warnings that he could block US diesel shipments abroad unless European governments made more fuel available from their reserves. Such a restriction would have relieved price pressure for American consumers ahead of the elections, while increasing costs in other markets. The G7 commitment covers both energy and energy products traded among its members.
Speaking to reporters at the White House before leaving for Alabama, Trump subsequently ruled out a US diesel export ban. He maintained that the proposal had not been a serious option. That account differed from his remarks on several occasions during the preceding two weeks, when he had said an export ban was being considered and had expressed support for it.
