US President Donald Trump announced via Truth Social that Europe has agreed to release "huge quantities" of its diesel stockpiles, in an effort to limit increases in fuel prices ahead of November's midterm elections in the US.
In his post, the American president said that the process will begin immediately.
"Europe has just agreed to release huge quantities of its large diesel reserves. The process will begin immediately," Trump wrote.
G7 countries are set to release up to 100 million barrels of emergency oil and diesel stockpiles, following pressure from the Trump administration to crack down on rising fuel prices. This allocation, which will be coordinated by the International Energy Agency, will take place over the next four months, French President Emmanuel Macron told reporters at a news conference on Friday.
The G7 wants to bring down fuel prices, the French president added.
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