The G7 countries have agreed to release up to 100 million barrels of oil and diesel fuel from their strategic reserves over the next four months, French President Emmanuel Macron announced.
According to Bloomberg, the decision was made under pressure from the Trump administration, which is trying to contain rising fuel prices.
Washington threatened to ban diesel exports unless European countries put additional volumes on the market. Such a ban would have endangered a crucial source of supply for the continent, which relies heavily on imports to cover its shortfall in diesel production.
US President Donald Trump welcomed the decision, saying that Europe has large diesel reserves and that "the process will begin immediately."
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