G7 leaders agreed Friday to release 100 million barrels of oil and petroleum products over four months, prioritizing diesel during the first 20 days as U.S. prices remain near record highs.
The release will begin immediately through the International Energy Agency, according to the leaders’ joint statement. The G7 tied the action to implementing its March commitments, taking into account releases already completed.
The statement calls for a “frontloaded substantial diesel release” but does not specify how much of the 100 million barrels will be diesel.
President Donald Trump said Europe had agreed to release a “massive amount” of diesel from its stockpiles.
“The process will begin immediately,” Trump said in a Truth Social post Friday.
Texas diesel averages $5.79
U.S. diesel averaged $6.37 a gallon Friday, down from $6.39 Thursday and the September 22 record of $6.53, AAA reported.
The Texas average stood at $5.79, compared with $5.31 a month earlier. Dallas averaged $5.75, according to AAA.
Gov. Greg Abbott (R-Texas) eased state dyed-diesel restrictions and allowed heavier fuel, agricultural and timber loads Monday, as The Dallas Express previously reported. His order did not waive the underlying fuel tax.
Refinery output and export commitments
The G7 also agreed to coordinate refinery maintenance to avoid simultaneous shutdowns and temporarily increase operating rates where feasible. Leaders encouraged countries with significant refining capacity to produce more refined fuels, particularly diesel.
Members reaffirmed their commitment to avoid energy export restrictions between G7 countries. They also urged producers to refrain from bans that could worsen market tensions.
G7 members and partners will discuss possible additional diesel releases through the IEA in the coming days.
Hormuz navigation and follow-up
The leaders condemned Iran’s attacks on neighboring countries and disruption of international trade and energy security. They called for full restoration of navigational rights in the Strait of Hormuz and commended U.S. efforts to keep commerce moving through the waterway.
The G7 said it would maintain sanctions against Russia while working with the IEA and global partners to limit further disruption to fuel, gas and other commodity markets.
Leaders asked the IEA to monitor implementation and market effects, with a follow-up report before 20 days have elapsed. The report should recommend future responses, including replenishment of strategic stocks.
Provided by Dallas Express
