G7 taps emergency reserves for 100 million barrels of diesel and crude
No breakdown of volumes by product or participating country was given, Reuters reported.
EU governments had discussed a French proposal for European countries to release 50m barrels of diesel and for IEA members to release 50m barrels of crude, three sources familiar with the discussions told the same outlet.
A 50m-barrel diesel release would equate to approximately 17 percent of the EU’s emergency stocks of diesel and gasoil, Reuters reported citing Eurostat data.
G7 members also agreed to refrain from imposing export restrictions on energy products among themselves, Reuters reported, following a US pressure campaign that warned of a ban on American diesel exports.
“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,” US President Donald Trump told reporters at the White House, Reuters reported.
