G7 announces 100 million barrel release; Trump says US will not ban diesel exports

G7 leaders have announced a co-ordinated release of 100 million barrels through the IEA over four months. US President Donald Trump has said the United States will not ban diesel exports.

In a joint statement quoted by the BBC, the leaders said: "We will implement our commitments with a co-ordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners."

According to the BBC, under the measures there will not be any "export restrictions on energy and energy products" between G7 members. The statement refers to discussions around "additional diesel releases as necessary". Trump's statement on exports was carried by the BBC and TASS; the TASS item reviewed by Vocemundi is a headline only.

What is reported

According to the BBC, the release will be a mix of diesel and crude oil. The BBC also reports that the leaders will co-ordinate refinery maintenance schedules, encourage more diesel refining where capacity exists, and maintain sanctions against Russia.

According to the BBC, Trump had warned he would ban US diesel exports if European countries did not put more of their own stocks onto the market, and European countries pushed back.

Brent crude briefly fell below $100 a barrel before returning to around $102 by Friday evening, according to the BBC. It traded at around $73 before what the BBC describes as the US and Israel's invasion of Iran.

The BBC quoted Matt Smith of Kpler as attributing the rebound to "rumours of Saudi Arabia planning an offensive into Yemen". The reports do not corroborate those rumours.

What is disputed

• Trump said at the White House that an export ban was "never really on the table". The BBC reports he first backed a ban early last week and was still considering it on Thursday.
• The joint statement refers to "100 million barrels". French President Emmanuel Macron said "up to 100 million barrels". The reports do not explain the difference.

What each side says

• Trump said "what Europe did was a great thing."
• Macron said the action would "bring down the prices of petroleum products, particularly diesel".
• Ed Miliband, who represented the UK and whom the BBC describes as Foreign Secretary, said the measures would "stabilise energy supplies, build resilience in supply chains and shield households and businesses from price shocks".

What is not known

The reports do not say which partner countries will take part, how the barrels divide between diesel and crude, or what each country will contribute. They do not include any statement from the IEA.

Analysis

The announcement appears to remove, for now, the prospect of a US diesel export ban, which the BBC reports had been a source of tension with European governments. Whether the release eases prices is uncertain: the BBC reports UK pump prices topped £2 a litre for the first time on Friday, and Brent, after briefly dipping below $100, was back around $102 by Friday evening. Several details could shape the outcome, including the diesel share, national contributions and the role of partner countries. The difference between "100 million barrels" and "up to 100 million barrels" leaves the final volume open. One scenario is further diesel releases, which the statement mentions; another is that supply constraints persist regardless.

Produced by the Vocemundi newsroom with AI assistance.