The G7 plans to make 100 million barrels of oil and petroleum products available over four months, giving diesel priority in the first 20 days. A joint statement from its leaders says the release will start immediately through the International Energy Agency and take account of releases already made under commitments from March.
The leaders did not specify how much of the total will be diesel. President Donald Trump said Europe had agreed to draw a large amount of diesel from its stockpiles.
Diesel prices remain close to their U.S. high: AAA put Friday’s national average at $6.37 a gallon, compared with a September 22 record of $6.53. The Texas average was $5.79, up from $5.31 a month earlier; Dallas averaged $5.75.
The G7 also agreed to stagger refinery maintenance to avoid simultaneous shutdowns and temporarily increase operating rates where possible.
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