Trump says Europe has agreed to release ‘massive amount’ of diesel from its stockpiles

Washington — President Trump said European leaders agreed to release a “massive amount” of their diesel stocks to ease high prices, following an emergency meeting of Group of Seven leaders.

A G7 video conference met on Friday morning to discuss fuel supplies and prices, following an overnight call between French President Emmanuel Macron and Mr Trump. After this meeting, Mr. Trump declared that Europe would release diesel from its stocks “immediately”.

“Europe just agreed to release a massive amount of its heavily stockpiled diesel fuel,” Mr. Trump wrote on Truth Social. “The process will begin immediately. Thank you for your attention to this matter!”

A joint communiqué from G7 leaders released by the Élysée in Paris confirmed a “coordinated release” of 100 million barrels which is to begin immediately and will take place over a period of four months. This will include “a substantial and anticipated release of diesel within the first 20 days by G7 members and partners,” the statement said.

The G7 is made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, including the European Union as an unlisted member.

A White House official said Mr Trump spoke with Macron last night and with G7 leaders this morning to negotiate the release of European diesel stocks. Fatih Birol, executive director of the International Energy Agency, posted a photo of their conference call.

Mr. Trump threatened to ban U.S. diesel exports, a move that would drive global diesel prices even higher, saying in late September that he had “called” for such a ban. But on Friday, the president said “we’re never going to ban” diesel exports.

“Well, it was never really on the table, but what Europe did was a good thing,” he told reporters Friday afternoon on the South Lawn of the White House as he traveled to Alabama for a rally.

In their statement, the G7 leaders discouraged any such ban, but did not mention Mr. Trump.

“We reaffirm our commitment to refrain from any restrictions on the export of energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions,” the statement said.

In the United States, the outbreak diesel price are waving through the economy, putting financial pressure on schools, farmers and small businesses as their fuel costs rise. Farmers, who rely on diesel to run their farm machinery, are also facing much higher costs, while businesses ranging from construction companies to food banks have reported a sharp increase in spending on fuel for their vehicles and delivery trucks.