The Group of Seven (G7) countries have agreed to coordinate the release of 100 million barrels of oil and fuel reserves through the International Energy Agency (IEA) over four months, with a substantial amount of diesel to be released within the first 20 days as fuel prices surge globally.The decision was announced after an emergency G7 videoconference chaired by French President Emmanuel Macron on Friday. The G7 said the release would “begin immediately” and include a “frontloaded substantial diesel release within the first 20 days by G7 members and partners”.The move comes after growing pressure from Washington for European countries to draw down emergency diesel reserves. Reuters reported that the Trump administration had urged France and Germany to release their stocks and warned of a possible US diesel-export ban if they failed to do so.pic.twitter.com/cCXGiG513B— Rapid Response 47 (@RapidResponse47) October 2, 2026Trump pushes to bring down soaring US fuel pricesUS President Donald Trump welcomed the G7 decision, saying on Truth Social that Europe had agreed to release a “massive amount” of diesel from its stockpiles and that the process would begin immediately.The move comes as Trump faces political pressure over high fuel prices ahead of the November 3 US midterm elections. AP reported that Trump’s approval rating on the economy had fallen to a new low in the latest AP-NORC poll. Je viens de réunir les dirigeants du G7 pour évoquer la situation énergétique mondiale.Nous sommes d’accord pour travailler de manière coordonnée pour contribuer à la baisse des prix des produits pétroliers, notamment du diesel.Nous avons décidé de :→ flexibiliser la… pic.twitter.com/ilaXb94kD6— Emmanuel Macron (@EmmanuelMacron) October 2, 2026US diesel prices hit record levelsUS diesel prices have climbed sharply amid disruptions to global energy supplies during the ongoing war involving Iran.The national average for diesel in the US stood at $6.37 per gallon on Friday, according to AAA, after reaching a record $6.52 on September 22, AP reported.The latest US Energy Information Administration data put the average on-highway diesel price at $6.382 per gallon for the week ending September 28.Diesel prices have also reached record levels in parts of Europe.Story continues below this adUS had warned Europe over diesel reservesThe G7 decision follows an escalation in pressure from Washington. Reuters reported on Thursday that the Trump administration had asked Germany and France to release emergency diesel inventories to help ease global fuel prices, warning that failure to do so could lead to a US ban on diesel exports.For Europe, releasing more strategic stocks presents a dilemma because governments must balance the need to lower prices with the need to maintain reserves in case the energy crisis worsens.What will the G7 release contain?The G7 statement does not describe the entire 100 million barrels simply as diesel.Instead, it says the countries will make a coordinated 100-million-barrel release through the IEA, while putting a substantial diesel release at the front of the programme. The G7 also agreed to coordinate refinery maintenance schedules and temporarily increase refinery utilisation where feasible. It called on countries with significant refining capacity to increase production of refined products, particularly diesel.Story continues below this adThe countries also pledged not to impose restrictions on energy and energy-product trade between G7 members.