G7 Releases 100 Million Barrels of Oil and Diesel Over Four Months, Trump Drops the Export Ban: Will Diesel Get Cheaper?
The October 2 agreement, coordinated through the IEA, front-loads diesel within the first 20 days; diesel prices in the US and Europe recently hit records.
The G7 countries agreed on October 2 to release 100 million barrels of diesel and crude oil from reserves over four months, coordinated with the International Energy Agency (IEA). The plan calls for a “frontloaded substantial diesel release” in the first 20 days. French President Emmanuel Macron chaired the video conference after speaking with Donald Trump, who had pressed Europe to open its strategic reserves.
Trump, who had first threatened a diesel export ban, said: “we’re not going to be doing the export ban.” The G7 pledged to avoid energy export restrictions among its members. Diesel prices in the US and Europe recently hit records, aggravated by Russia’s export ban imposed after Ukrainian attacks on its fuel facilities. IEA members agreed in March to release 400 million barrels; IEA chief Fatih Birol said about a third had not yet reached the market. The article ties the energy crisis to the war with Iran.
For Macedonia: the government is holding VAT on diesel at 10 percent until October 20. Whether the reserves will show up in pump prices is unclear: releasing barrels eases supply but does not change the cause of the crisis. The effect will be measured in prices over the coming weeks.
MKNews Hub · Macedonia · October 13, 2026
