Trump Rules Out Diesel Export Ban As G7 Announces 100 Million-Barrel Release
Trump drops export ban after G7 agrees to release fuel reserves.
US President Donald Trump said Friday that the United States would not impose a ban on diesel exports after Group of Seven countries and their partners agreed to release emergency oil and fuel reserves to address soaring prices. Trump said Europe would make a major contribution from its diesel stocks and confirmed that the US would not restrict exports. The announcement followed an emergency G7 discussion on energy supplies and market stability.
The G7 agreed to coordinate through the International Energy Agency on the release of 100 million barrels of oil and fuel products over four months. The plan includes a substantial, front-loaded release of diesel within the first 20 days, with participating countries also reaffirming their commitment not to impose energy export restrictions on one another. The measures are aimed at easing supply pressures and stabilising fuel markets.
The decision comes as diesel prices have climbed sharply in the United States and other markets. Diesel is widely used in agriculture, trucking, shipping and other commercial activities, meaning higher prices can increase transportation and production costs across the economy. The average US retail price for diesel stood at $6.37 per gallon on Friday, according to AAA, after reaching a record $6.52 on September 22.
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Trump had previously indicated that his administration was considering restrictions on US diesel exports as a way of increasing domestic supplies. Some Republican lawmakers had also supported such measures amid concerns about fuel costs, while oil industry representatives and energy experts warned that export restrictions could disrupt international supplies and potentially discourage domestic refining and production. Trump said Friday that an export ban was never ultimately going to be implemented.
The G7 reserve release is expected to provide additional fuel to markets as countries face supply disruptions linked to conflicts and damage to energy infrastructure. France, which holds the rotating G7 presidency, said the coordinated release would begin immediately and continue over four months, with diesel receiving early priority. The International Energy Agency will coordinate the programme and monitor its impact on energy security and market stability.
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