President Donald Trump explicitly ruled out a US diesel export ban Friday after European governments agreed to release emergency fuel stocks, saying, “We're not gonna be doing the export ban.” He also claimed the ban was never really on the table, despite saying on Sept. 22, “I've called for that too. I've said, let's not send out the diesel.”

The decision followed a G7 agreement to release 100 million barrels of diesel and crude through the International Energy Agency over four months, beginning immediately, with a substantial diesel release within the first 20 days. The drawdown implements commitments made in March. Reuters reported that Washington had told France and Germany to release emergency diesel inventories or face a potential US export ban.

US retail diesel prices reached a record $6.53 a gallon in September, prompting farm-state lawmakers to seek export limits. Energy Secretary Chris Wright warned that a ban could raise gasoline and jet fuel prices. European diesel futures fell after the reserve announcement, but Brent crude erased earlier losses to settle at $102.25 a barrel, down 0.06%.