Trump says Europe agrees to release stocked diesel oil

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.

“The process will begin immediately,” Trump said on Truth Social.

On Thursday, Trump said he may ask European countries to release some of their diesel reserves to help bring down fuel prices.

Later on Friday, when asked by a reporter whether a diesel export ban is “off the table”, Trump said: “It was never really ever on the table. What Europe did was a great thing.”

He said the US has a “very good” relationship with Europe.

“And they wanted to do it because they have a lot of diesel,” he said.

His remarks came after G7 leaders on Friday agreed to immediately begin a coordinated release of 100 million barrels from emergency oil reserves over four months in response to surging prices and growing volatility in global energy markets.

The release, coordinated through the International Energy Agency, will include a “frontloaded substantial diesel release” by G7 members and partners within the first 20 days, according to a statement issued after a virtual meeting of the group’s leaders.