G7 agrees to release 100 million barrels of emergency oil reserves after Trump pressures Europe over record diesel prices
From the Newshound archive · first published 2 October 2026.
Trump has warned France and Germany to release their emergency diesel reserves or face a US export ban, with Washington's sharpest frustration directed at both countries over broken pledges on petroleum stocks.Britain holds just 40 days of diesel reserves — far below the 200-plus days stockpiled by some European nations — leaving it among the most exposed countries if Trump's threatened US export ban goes ahead.01p a litre, with a full tank now costing roughly £110 — nearly £32 more than before the US-Israel war on Iran began in February.Fawley refinery in Hampshire, Britain's biggest, is set to shut for up to 10 weeks for maintenance, compounding fears over diesel supplies.
G7 leaders have agreed to release up to 100 million barrels from their strategic diesel and crude reserves after Trump threatened to cut off US diesel exports unless European allies drew on their stockpiles. The International Energy Agency will oversee the release over four months, with a heavily front-loaded diesel tranche to be delivered in the first 20 days. French President Emmanuel Macron, as G7 chair, announced the deal after a virtual leaders' summit on Friday, which had been preceded by a call with Trump on Thursday night.
Diesel surpassed £2 a litre in Britain for the first time ever, while US pump prices hit a record $6.53 per gallon on 22 September.
Foreign Secretary Ed Miliband represented Prime Minister Andy Burnham on the emergency call after Burnham was absent to attend his father's funeral.
Trump posted on Truth Social that 'Europe has just agreed to release a massive amount of their heavily stocked Diesel' and that 'the process will begin immediately.'
