Updated Oct. 2, 2026, 5:59 p.m. ET
BRUSSELS – President Donald Trump said European countries will release a “massive amount” of emergency diesel reserves in a bid to lower prices, acquiescing to U.S. demands after Trump threatened to impose a ban on diesel exports.
The European countries agreed Oct. 2 to draw on their diesel stocks after France convened a meeting of leaders from the Group of Seven to coordinate efforts to bring down energy prices and discuss the threat of a U.S. diesel export ban.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump wrote on social media. “The process will begin immediately.”
The G-7 leaders announced Oct. 2 that its members would participate in a “coordinated release” of 100 million barrels through the International Energy Agency over the next four months, “including a frontloaded substantial diesel release within the first 20 days.”
The statement added that members would ”refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions.”
French President Emmanuel Macron called the G-7 meeting after he spoke with Trump on Oct. 1 about efforts to bring down diesel prices, according to a White House official.
The decision to release emergency diesel stocks comes just hours after the European Union sharply criticized the Trump administration’s proposed export ban, which would have dramatically increased the exorbitant diesel prices in Europe.
“A ban would not be beneficial to anyone,” European Commission spokesperson Anna-Kaisa Itkonen said at a news briefing earlier in the day. “It would undermine our trust in the United States as a reliable partner.”
Tensions between the United States and its traditional Western allies have risen in recent weeks as Trump escalated a trade war with Canada and suggested he might hit the EU with tariffs after the bloc sought to deepen ties with Ottawa.
Later on Oct. 2, Trump told reporters that a diesel export ban was “never really on the table” and said the U.S. does not intend to restrict diesel exports to allies in the future.
Soaring fuel prices in US, Europe
Trump had explored various strategies in recent weeks to lower the soaring price of diesel ahead of November’s midterm elections. The Trump administration warned Brussels earlier this week that it would consider an export ban on diesel if European countries do not release stocks from their strategic reserves to lower prices.
As one of the world’s biggest suppliers of diesel, a ban on U.S. exports would have been devastating for European countries where the price of diesel is already significantly higher than in the United States.
The average price of a gallon of diesel in the United States is $6.37, according to the AAA motor club. The average price of a gallon of diesel in the EU is $9.53, according to data from the European Commission.
The effort to lower diesel prices comes amid concerns that Trump may decide to escalate the war in Iran after the midterm elections. The president repeatedly said that he is prepared to take further military action if the United States and Iran fail to reach a peace deal.
Oil analysts said that the decision to draw on emergency diesel reserves may temporarily lower diesel prices, but it is unlikely to have a long-term impact on the market.
“Raiding an oil supply piggybank is no substitute for solving the underlying problem which is insufficient production relative to demand,” energy strategist Clay Seigle said.
Trump has repeatedly blamed the war in Ukraine and Kyiv’s strikes against Russian oil refineries for the rising cost of diesel. Analysts, however, said that both the war in Iran and the escalation in fighting between Russia and Ukraine have contributed to higher energy prices.
Controversial export ban averted
The announcement from G-7 leaders will allow European countries to breathe a sigh of relief as the U.S. backs away from its threats to impose an export ban.
Several European countries held a call on Oct. 1 to discuss the threats from Washington and coordinate efforts to lower diesel prices. The meeting featured representatives from Germany, France, the European Commission, Italy, Ireland and the United Kingdom.
Trump previously expressed support for a ban on diesel exports at the United Nations last month, but the idea was controversial within his administration. U.S. Energy Secretary Chris Wright had opposed the idea of a blanket diesel export ban, but called on European countries to do more to lower diesel prices.
The G-7 announcement said that they would reconvene “in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary.”
“Our citizens’ concerns about energy prices remain a top priority,” the statement added.
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