In response to soaring fuel prices, the G7 nations have agreed to release 100 million barrels of oil, with a focus on diesel, as announced after a meeting chaired by French President Emmanuel Macron. The release is set to begin immediately, with a significant amount of diesel to be released within the next 20 days and the remainder over a four-month period.

U.S. President Donald Trump confirmed the immediate initiation of the diesel release, aligning with the G7’s commitment. The move comes amid mounting pressure on Trump and the Republican Party to address escalating prices before the upcoming midterm elections on November 3.

The decision to release oil and diesel follows a previous announcement in March by the International Energy Agency (IEA) member countries to release 426 million barrels of oil and products to stabilize the oil market. The IEA will coordinate the efforts to combat the surge in fuel prices.

Despite the release of oil reserves, the G7 countries, including the U.S., have agreed not to impose energy export restrictions on each other. The statement emphasized the importance of refraining from actions that could worsen market tensions.

Trump, who has faced criticism for the rising prices, discussed the issue with Macron before the virtual meeting. A recent poll indicates that a majority of U.S. adults hold Trump responsible for the price hikes, leading to a decline in approval ratings for his economic policies.