G7 countries agree on release of diesel and oil stocks after U.S. pressure

(Reuters) – Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency ​reserves and pledged to refrain from energy export restrictions after pressure from U.S. President Donald Trump.

The U.S. led a pressure campaign on the European Union to draw down ‌emergency diesel inventories, with the Trump administration warning that failure to act could lead to a U.S. ban on diesel exports. Such a ban could sharply reduce supplies to Europe, which has become increasingly reliant on U.S. diesel, and potentially inflict high economic costs on the bloc.

Trump is seeking to cool surging fuel prices ahead of the November midterm elections.