G7 Countries Agree to Release Oil Reserves Amid Pressure from US President Trump

The G7 countries have taken a big decision. These countries have agreed to release 100 million barrels of diesel and crude oil from their emergency reserves. Also, all the countries have promised that they will not impose any embargo on the export of energy. This decision has been taken after pressure from US President Donald Trump. Trump wants to reduce the rising fuel prices before the midterm elections in November. It is also not clear how much oil of the new agreement will come from the remaining part of the March agreement. The US had campaigned to pressure the European Union. It demanded that the European Union extract oil from its emergency diesel reserves. The Trump administration had warned that if this does not happen, the US can stop the export of diesel. Such a ban can have a big impact on Europe. The reason is that Europe is now more dependent on American diesel than before. If the supply is reduced, the European Union can suffer huge economic losses. This is not the first time that oil reserves have been opened. The International Energy Agency led by Iran has released 40 million barrels of oil in March. This was the biggest statement in the GEA.