Germany and France announced on Wednesday that they will release diesel reserves that were previously promised in March as part of the G7 agreement. This decision has raised uncertainties about further releases.
Details of the G7 Agreement and Trump's Criticism
The G7 agreement, which took place last Friday, included the release of a "significant amount" of diesel to reduce global prices over the next 20 days. This action was in response to threats from Trump administration officials regarding the imposition of an export ban on this fuel. In a closed session, European countries acknowledged that the new release would not include fresh diesel shipments and would only pertain to shipments that were previously promised as part of broader commitments approved in March.
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Amount and Timing of Diesel Release
It is not exactly clear how much diesel Germany and France will release, but this amount will include part of the inventories that were promised in March. So far, Germany has only supplied 600,000 tons of the 2.65 million tons of oil, diesel, and jet fuel promised to the market. France has also stated that it still has at least 8 million barrels of diesel available for release.
Trump's administration's criticism of European countries for not fully delivering their share in March has intensified. Germany attributed this delay to weak demand. Meanwhile, a European official has indicated that new releases may occur soon. Additionally, an extraordinary meeting of the International Energy Agency (IEA) will be held to discuss this matter.
Concerns of Eastern Countries and the Future
Some Eastern European countries, including Bulgaria, are concerned that reducing inventories to combat prices may leave them vulnerable to supply crises. In this regard, a spokesperson for the German Ministry of Economy emphasized that no new shipments will be released. The ministry also stated that the G7 has asked the IEA to monitor the swift and complete implementation of the March 2026 commitments.
Given the current situation, it seems that European countries are still striving to meet their commitments, but it remains to be seen whether further releases will occur in the near future.
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