BRUSSELS — The G7 group of rich countries has agreed to release 100 million barrels of oil over the next four months, following intense pressure from the Trump administration for Europe to tap its stockpiles of diesel. The French government announced the decision after an emergency of G7 countries on Friday, saying the release of 100 million barrels of oil would "begin immediately" and would start with release of diesel stocks. It added that that under the agreement there would be “no restrictions or bans on exports among G7 countries" — suggesting the U.S. had agreed to drop its threat to ban diesel exports. The statement did not specify that the releases would come from European reserves, but U.S.
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