WASHINGTON: US President Donald Trump on Friday said European countries have agreed to release a massive amount of their diesel reserves, with the process set to begin immediately.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately,” he wrote on Truth Social platform.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately…” – President Donald J. Trump pic.twitter.com/SkU8ANK7ev
— The White House (@WhiteHouse) October 2, 2026
G7 to release 100m barrels of oil over 4 months: Macron
Following a G7 meeting, French President Emmanuel Macron said the group would work together to lower petroleum product prices, particularly diesel, and had agreed to release 100 million barrels of oil over four months in coordination with partners and the International Energy Agency (IEA).
In a post on X, Macron said the G7 had also agreed to increase production flexibility to maximise refinery capacity and refrain from measures restricting the trade of energy and petroleum products among partner countries.
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, 2026
EU’s von der Leyen welcomes G7 decision to release fuel stocks
European Commission President Ursula von der Leyen has welcomed the G7’s decision to release 100 million barrels of oil in coordination with partner states and the International Energy Agency (IEA).
“We welcome the decision of G7 countries not to impose any export bans on allies and the continued solidarity between partners [and] we support an IEA-coordinated release of fuel stocks,” she writes on X. “Our citizens need and deserve affordable energy.”
Our citizens need and deserve affordable energy.
As @G7, we will closely coordinate towards to achieve this goal.
We welcome the decision of G7 countries not to impose any export bans on allies and the continued solidarity between partners.
We support an @IEA-coordinated… https://t.co/j1vg2FHScd pic.twitter.com/4Hw7H5TcPu
— Ursula von der Leyen (@vonderleyen) October 2, 2026
Oil price drops more than $3
Meanwhile, oil prices have fallen more than $3 after reports of talks in Europe on additional diesel and crude stock releases, easing concerns over tight global energy supplies.
Brent is down $3.06, or three per cent, at $99.25 a barrel as of 1409 GMT (7:09pm PKT). West Texas Intermediate has dropped $3.95, or 4.25pc, to $88.92 a barrel.
Oil rollercoaster in 2026
Oil markets have been on a rollercoaster in 2026, swinging sharply in response to the US-Iran conflict, disruptions around the Strait of Hormuz and changing expectations for global supply.
Prices surged as fears of prolonged shipping disruptions threatened crude and refined-fuel flows, then fell as supplies showed signs of improving with peace hopes.
ALSO READ: Oil Prices Ease After Sharp Rally As China Curbs Fuel Exports
Brent has repeatedly moved through major price levels, including the $100-a-barrel mark, while US West Texas Intermediate (WTI) has followed the same volatile path.
Refinery outages, tighter diesel supplies, higher freight costs, and uncertainty over Middle Eastern exports have fueled price swings, making 2026 one of the most unpredictable years for oil markets.
