The EU and its G7 partners agreed on Friday (2 October) to a coordinated release of 100 million barrels of diesel and crude through the International Energy Agency (IEA) over four months.
The release includes “a frontloaded substantial diesel release within the first 20 days,” a press brief released after a Friday afternoon call read. The call was initiated by French president Emmanuel Macron who holds the rotating G7 presidency on Friday, after he spoke to US president Donald Trump on Thursday.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately,” Trump wrote on Truth Social shortly afterwards.
Trump had pressured EU leaders to agree to the release all week.
On Thursday, US treasury secretary Scott Bessent urged Europe to “immediately” tap its reserves. And EU leaders had received a proposal from the White Housethe same day for 120 million barrels of diesel over 180 days.
Washington had already approached France, Germany, Italy, Ireland and the UK individually, warning they could face US diesel export bans if they did not comply.
US diesel prices hit a record $6.53 per gallon last week, which is a liability for Trump’s Republicans ahead of the 3 November midterm elections.
Europe’s reward is a single line in the G7 statement, which reaffirms a commitment “to refrain from export restrictions on energy and energy products” between G7 countries. The EU also on Friday had insisted that any further release come with a US pledge to avoid a unilateral diesel ban, and rejected the suggestion that they buckled to US pressure.
“We fully reject a [US] ban on diesel. A ban would not be beneficial to anyone. It would undermine our trust in the US as a reliable partner,” said Anna-Kaisa Itkonen, the commission’s energy spokesperson. She declined to comment on the leader’s call ahead of time.
Commission chief spokesperson Paula Pinho said the coordination had "nothing to do with" recent threats. She noted that gas prices had risen by 140 percent and diesel prices had doubled since February, and that a release agreed in March was still being implemented.
The G7 text presented Friday's decision to release the 100 million barrels as continuing those commitments.
But the commission's own oil coordination group concluded this week that there was "no immediate security supply issue" in the EU, Itkonen said.
Emergency stocks exist to deal with supply disruptions, not prices.
But the IEA route gives European capitals political cover, allowing them to present the release as collective action rather than a concession to Washington.
And it may not be the last one. "We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary," the G7 statement said.