G7 leaders agreed Friday to draw down emergency diesel and crude stocks over four months under International Energy Agency coordination, French President Emmanuel Macron announced after chairing their meeting. The release will total up to 100 million barrels. President Donald Trump said the process of releasing Europe's diesel stocks would begin immediately.

France's proposal called for 50 million barrels of diesel from European reserves and 50 million barrels of crude from IEA members. Oil analyst Rory Johnston estimated that distributing the diesel over about 120 days would add roughly 415,000 BPD, temporarily offsetting about one-third of this year's net decline in seaborne diesel supplies.

The agreement followed US pressure on France and Germany to release reserves or face a potential diesel export ban. Washington had requested 120 million barrels of European diesel over six months, Reuters reported. European governments discussed seeking a US commitment against a unilateral ban, while the European Commission warned that a ban “would undermine our trust in the United States as a reliable partner.”