&imwidth=800&imheight=600&format=webp&quality=medium "Trump export ban threat: G7 countries agree to release 100 million barrels of diesel, crude")
In a bid to ease supply pressures that have caused crude oil prices to soar, G7 countries have agreed to release 100 million barrels of oil and diesel from emergency reserves . The group, including the US, said the move would include a "substantial release" of diesel in the coming days. They also said to refrain from energy export restrictions.
The decision came after US President Donald Trump threatened to impose US ban on diesel exports if the the European Union did not draw down emergency diesel inventories. A ban by US could have sharply reduced supplies to Europe, which has become increasingly reliant on US diesel.
The G7 in a statement released after the decision said member countries had now agreed to "refrain from export restrictions on energy and energy products" on one another.
Trump is looking to ease cost of fuel prices ahead of the November midterm elections.
While speaking to reporters at the White House he said the plan to impose a diesel export ban was never really the plan, even though in the past two weeks he said several times that US was considering a ban, and that he backed the idea.
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"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," Trump said to reporters before departing for Alabama.
The Iran war had in March led to biggest emergency stock release of 400 million barrels of oil, coordinated by the International Energy Agency.
