G7 to release up to 100 million barrels of diesel, crude oil reserves

France, which is holding the rotating presidency of the Group of Seven industrial nations, announces that the group plans to release 100 million barrels of oil to begin immediately over four months, including a front-loaded substantial diesel release within the first 20 days by its member states and partners.

French President Emmanuel Macron makes the announcement on Friday, saying the International Energy Agency will coordinate the move in an effort to drive down soaring oil prices.

Earlier in the day, the G7 held a virtual meeting that Macron presided over to address growing energy security challenges.

A joint leaders' statement released by the Elysee Palace says the group is resolved to coordinate maintenance schedules across refineries to prevent simultaneous capacity shutdowns, and reaffirms the G7's commitment to refrain from export restrictions on energy and energy products.

The group of rich democracies consists of the United States, Britain, France, Germany, Italy, Canada, and Japan, plus EU representation.

Macron says in his address that they have decided to release up to 100 million barrels of diesel and crude oil reserves within four months, and that the work "will begin with prioritising diesel." The fuel is widely used in agricultural production.

Macron further notes: "All of this agenda sends a clear signal of G7 unity during this period, a desire to improve our production, our transportation capacity, and our ability to manage both stocks and trade cooperatively."

This follows an earlier announcement in March that the IEA members would release 426 million barrels of oil and products.

Meanwhile, the fuel hit record high prices in the US ahead of the November midterm elections. After reaching 6.52 US dollars a gallon on September 22, diesel averaged 6.37 US dollars on Friday, according to AAA.

US President Donald Trump, who showed up at the G7 videoconference, says his country's diesel release will happen immediately.

As he departs the White House before hitting the campaign trail in the state of Alabama, Trump tells reporters he pressured Europe for the release of some of its strategic reserves and adds the ban on US diesel exports urged by some Republicans will not happen.

(Reporter: Your diesel deal with Europe. How did that happen? Your diesel deal with, your diesel deal with Europe?")

Trump says: "I asked for it. Europe has a lot of diesel and they're going to be making a major world contribution and so are we. And we're not going to be doing the export ban. We're going to be doing what we're supposed to do. But I did ask them and they said we're going to have a lot oil. Very shortly, as soon as Iran ends, which won't be long, it's not going be long, you're going have oil go down to the price it was before, maybe even lower than I got it at the beginning."