G7 countries agree to release 100 million barrels of oil and diesel reserves

WASHINGTON. - The Group of Seven (G7), made up of the world's most industrialized countries, agreed on Friday that it plans to release 100 million barrels of oil and diesel from its reserves in the coming weeks, beginning with "substantial" quantities of diesel after the fuel recently reached record prices in the United States and amid pressure from President Donald Trump. "We will implement our commitments with a coordinated release through the IEA (International Energy Agency) of 100 million barrels over a period of four months, beginning immediately, including a substantial initial release of diesel in the first 20 days by G7 members and partners," the countries said in a statement. Ursula von der Leyen, president of the European Commission, speaks at a press conference ahead of the G7 summit in Evian. Michael Kappeler - dpa DPA "We will meet within the framework of the IEA in the coming days to discuss the possibility of releasing more diesel, if necessary," the text added. US President Donald Trump said the diesel release would happen "immediately." Trump and his Republican Party face pressure to address rising prices ahead of the midterm legislative elections, which will be held on November 3. The US president's approval ratings on the economy fell to a new low, according to an AP-NORC poll, as the war with Iran and his trade disputes have driven up US prices for oil and other goods. Trump delivers a speech at the Peterbilt Motors facilities in Denton, Texas. KENT NISHIMURA - AFP Gasoline prices in the United States and abroad have soared during the war, which is now eight months old — a cost Trump has repeatedly said is worth it to ensure Iran does not obtain nuclear weapons. The national average for a gallon of diesel in the United States was $6.37 on Friday, after hitting a record of $6.52 on September 22. France holds the rotating presidency of the G7 and made the announcement in a statement released after videoconference talks chaired by French leader Emmanuel Macron. The International Energy Agency will coordinate the effort to combat the steep rise in fuel prices. Fuel storage tanks at the CCMP oil depot in Pauillac, France. PHILIPPE LOPEZ - AFP Some Republicans in the United States had called on Trump to ban US diesel exports in an attempt to lower domestic prices. "We reaffirm our commitment to refrain from imposing restrictions on exports of energy and energy products among G7 countries and urge all producers to refrain from imposing bans that could exacerbate market tensions," the bloc's official document states. Trump held an overnight conversation with Macron about the need to address rising fuel prices and the availability of petroleum products, according to the French Embassy in the United States. Macron speaks after a videoconference with G7 leaders from the Élysée Presidential Palace in Paris. LUDOVIC MARIN - POOL In addition to his call with Macron, Trump joined the G7 leaders' meeting on Friday to negotiate the release of European diesel reserves, according to a White House official who was not authorized to speak publicly and spoke on condition of anonymity. The Reuters news agency reported on Thursday that the Trump administration had urged Germany and France to reduce their emergency diesel reserves or face a possible ban on US diesel exports, according to three people familiar with the talks. Trump kicked off on Thursday what he said would be a 32-day rally marathon to try to boost his party's chances of keeping control of the US House of Representatives and Senate in the November elections. The president has grown increasingly frustrated by what he sees as a disconnect between his achievements and the public perception of his work. This week he gave himself a top grade for his handling of the economy, but said "we are doing an extremely bad job of promoting it." Agencies Reuters, AP and AFP United States G-7 Donald Trump