The G7 has agreed to release 100 million barrels of diesel and crude oil from their emergency reserves.

This economic group of countries includes the US, UK, Canada, Japan, Germany, Italy and France, with the EU also represented at its meetings.

The move is believed to be an attempt to appease US President Donald Trump, who is facing pressure at home to impose a US diesel export ban.

Europe is heavily reliant on US diesel and such a ban could inflict high economic cost on the EU.

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