Miliband Stands In as G7 Agrees Emergency 100-Million-Barrel Diesel Release
Representative image: a petrol station forecourt in the UK. (Gordon Griffiths, CC BY-SA 2.0, via Wikimedia Commons/Geograph) The leaders of the world’s biggest western economies have agreed to flood the market with 100 million barrels of oil and diesel from emergency reserves, after Donald Trump threatened to ban American diesel exports. Key facts G7 leaders agreed a coordinated release of 100 million barrels through the International Energy Agency over four months, starting immediately. A substantial release of diesel will be front-loaded into the first 20 days. The G7 pledged to refrain from energy export restrictions between members and urged all producers to do the same. Donald Trump had threatened a US diesel export ban and claimed credit on Truth Social, saying the release would “begin immediately”. Foreign Secretary Ed Miliband represented Britain because Prime Minister Andy Burnham was attending his father’s funeral. UK diesel hit £2 a litre for the first time, but tran...