Macron says G7 talks ‘constructive’ after Trump agrees to no-bans
International Energy Agency chief Fatih Birol said Friday that oil prices have already begun to fall following the G7’s announcement that it plans to release up to 100 million barrels of diesel and crude oil reserves as it attempts to curb high fuel prices.
The international, intergovernmental group said the release of reserves will be carried out over the coming four months with a large portion released within 20 days. Diesel prices were reaching record highs around the world as the announcement came down, with crude oil prices sticking over $100 per barrel.
The International Energy Agency is partnering with the G7 to coordinate the release of reserves.
In its announcement, G7 leaders said in a statement that they have agreed that there will be “no restriction or bans on exports among G7 countries.” French President Emmanuel Macron said U.S. President Donald Trump agreed there would be no export bans and denied that the group was pressured into its decision.
“The tone of our discussion was not one of threats; it was constructive,” Macron said.
The G7 has not specified where reserves will be pulled from. Trump said in a social media post that a large amount of reserves will be released from Europe.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump wrote. “The process will begin immediately.”
Automobile Association President Edmund King said he is hopeful the G7 decision will calm global fuel markets. “The global uncertainty from the conflict in the Middle East and demands from the U.S. president have already affected fuel prices but hopefully thee markets will not see sense,” King said.