G7 Moves to Release 100 Million Barrels to Counter Diesel Crisis
G7 Moves to Release 100 Million Barrels to Counter Diesel Crisis Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… The G7 and its partners have agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months, putting government inventories into a fuel market that has been running short of refinery output for months.
French President Emmanuel Macron said Friday that the release would be coordinated through the International Energy Agency, with an emphasis on diesel.
European countries had discussed releasing 50 million barrels of diesel while IEA members would supply another 50 million barrels of crude.
President Donald Trump welcomed the move after his administration pressed Europe to draw down its emergency stocks and floated restrictions on U.S.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.
The process will begin immediately,” Trump wrote on Truth Social.
European gasoil futures fell more than 4% Friday, while Brent dropped about $3 to below $100 per barrel.
Diesel’s premium over crude fell to roughly $69 per barrel from $76.77 on Thursday.
There is plenty for these reserve barrels to work on.
diesel prices recently reached a record $6.50 per gallon.
European diesel futures have traded above $200 per barrel.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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