G7 leaders pledged to refrain from restricting energy exports between members and specified that their coordinated reserve drawdown would include a substantial diesel release within the first 20 days. “We agreed that there would be no export restrictions or export bans between G7 members,” French President Emmanuel Macron said. The commitment follows US threats to ban diesel exports unless France and Germany released emergency stocks.

The agreement calls for 100 million barrels of diesel and crude to be released through the International Energy Agency, beginning immediately and continuing over four months. Leaders also agreed to coordinate refinery maintenance to avoid simultaneous shutdowns and temporarily increase refinery utilization where feasible. G7 members and partners will discuss possible additional diesel releases through the IEA in the coming days.

European diesel futures fell after Macron’s announcement. Oil analyst Rory Johnston cautioned that most European emergency reserves are government mandated commercial holdings: lowering stockholding requirements allows companies to sell barrels but does not guarantee they will do so.