G7 agrees to release oil reserves after U.S. push – POLITICO

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.

In a joint statement following an emergency meeting on Friday, the G7 leaders said the release of 100 million barrels of oil would "begin immediately" and would start with release of diesel stocks.

The announcement comes after POLITICO reported earlier this week that the U.S. administration had requested European countries to release reserves of diesel into the market to cushion a sharp rise in prices of the fuel, which was becoming a political problem for the Republicans ahead of next month's midterm elections.