By GB News (World News) | Created at 2026-10-02 17:35:45 | Updated at 2026-10-02 18:28:48
1 hour ago
G7 countries will release 100 million barrels of fuel from their stockpiles after Donald Trump repeatedly threatened to ban US diesel exports.
President Trump had warned he would halt American exports, a move industry voices said would have “catastrophic” effects on global markets, unless Europe dipped into its stored supplies of diesel
The threat came at a time when diesel prices already hit record highs in the UK.
Europe held crisis talks yesterday and an emergency call was held today between the G7 group of wealthy nations, including America.
Foreign Secretary Ed Miliband stood in for Andy Burnham due to the Prime Minister attending his father’s funeral.
The group agreed to release 100 million barrels of fuel over the next four months, including “a frontloaded substantial diesel release within the first 20 days”.
In a statement, it said that there would be “no restrictions or bans on exports among G7 countries”, an indication that the threat of the export ban has been dropped.
It called “on all producers to refrain from imposing bans that could exacerbate market tensions”.
Donald Trump
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French President Emmanuel Macron said that G7 members had agreed to “take no measures to restrict the exchange of energy and petroleum products between partner countries”.
Responding to the news, Mr Trump said: “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately. Thank you for your attention to this matter!”
The G7 said that “unprecedented volatility in oil markets” threatened both economic stability and “the well-being of our citizens”.
Diesel prices have rocketed globally as a result of the war in Iran, as well as attacks on Russian infrastructure in the Ukraine conflict.
Fuel is seen on sale at an Esso petrol station in East Dulwich, south London
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Trump had repeatedly suggested an export ban, a move widely seen as aimed at easing forecourt prices for Americans ahead of November’s mid-term elections.
On Thursday, the Trump administration singled out France and Germany, warning they faced being cut off from US supplies unless they tapped into their emergency diesel stockpiles.
“It is in Europe’s best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers,” a US official said.
Ahead of today’s G7 call, Anna-Kaisa Itkonen, for the European Commission, criticised the threat of a ban.
She said: “We fully reject any ban on diesel. A ban would not be beneficial to anyone.
“It would undermine our trust in the United States as a reliable partner.”
In the UK, ministers sought to reassure the public amid concerns about supply as prices reached a record high of £2 a litre.
Transport Minister Keir Mather said Britain’s supply of diesel was “robust” and “resilient”, adding that the country had a wide range of sources.
He said: “I want to reassure people this morning that the United Kingdom has got a diverse range of supply when it comes to diesel. We have resilience built into our system for that reason.
“People shouldn’t be concerned about shortages because of the inherent resilience that is built into that system.”
Elizabeth de Jong, Chief Executive of Fuels Industry UK, said the crisis highlighted the role of domestic refineries played in energy security.
Refineries break down crude oil into components such as petrol, diesel and jet fuel.
The UK now imports more than half of its diesel. In 2000, when it had twice the number of refineries, imports accounted for less than a fifth.
Ms de Jong said: “UK refineries are critical to our energy security and national resilience, especially in an increasingly unstable global context. Over the past two decades, we have seen four UK refineries close, and UK diesel imports rise from just 16 per cent of total demand in 2000 to 54% of today.
“Our four remaining refineries provide critical national resilience, reducing the UK’s dependence on international supply chains. But without urgent protection against carbon and investment leakage, more UK refineries are at risk of closure.
“With global uncertainty increasing, now is the time for the UK Government to show it is taking energy security seriously and to ensure our remaining refineries are protected.
“The forthcoming Autumn Budget must urgently address this issue and include measures to level the playing field for our remaining refineries.”
