European countries have agreed to release part of their strategic diesel reserves onto the market. US President Donald Trump said in a post on X that the volume would be “massive” and that the release would begin immediately.
Bloomberg reported that French President Emmanuel Macron said the Group of Seven plans to release up to 100 million barrels of oil and diesel from strategic stockpiles. The measure is expected to be implemented over the next four months.
According to Macron, the G7 hopes the extra supply will ease market tightness and help lower fuel prices. Earlier, Politico reported that France had proposed that EU countries release 50 million barrels of diesel and 50 million barrels of oil from reserves in response to similar calls from the United States.
Data from the International Energy Agency show that IEA member countries agreed on March 11 to release 400 million barrels from strategic oil reserves. Of that amount, about 325 million barrels — more than 80% of the pledged volume — have already been released.
IEA chief Fatih Birol said that although oil exports from the Middle East have recovered significantly, flows of refined products remain severely constrained. He said Ukraine’s attacks on Russia’s oil refineries are worsening the diesel situation, tightening market conditions, driving prices higher and creating economic risks.
