The Group of Seven (G7) nations have agreed to release 100 million barrels of oil over four months to combat surging global energy costs, starting with an immediate, frontloaded diesel release within the first 20 days, officials announced Friday.
The International Energy Agency (IEA) will coordinate the initiative following a videoconference chaired by French President Emmanuel Macron after discussions with U.S. President Donald Trump.
The decision comes as U.S. diesel prices hit a record $6.52 per gallon on September 22 before easing to $6.37 on Friday. Surging fuel costs, driven by the eight-month-long Iran war and trade disputes, have heightened political pressure on Trump and Republicans ahead of November's midterm elections. A recent media poll showed Trump's economic approval rating hitting a new low, with most adults blaming him for higher prices.
Trump defended the war's economic toll as necessary to prevent Iran from obtaining nuclear weapons, assuring prices will drop post-war. Frustrated by public perception, Trump rated his economic performance an "A-plus" while faulting promotional efforts.