The G7 countries have announced their decision to release 100 million barrels of oil in response to the recent surge in fuel prices in the United States. The release will begin with significant amounts of diesel, with U.S. President Donald Trump confirming on social media that the diesel release will commence immediately. The plan involves a substantial release of diesel within the next 20 days, followed by the rest over a period of four months.

President Trump and the Republican Party are under pressure to address the escalating prices, especially with the upcoming Nov. 3 midterm elections. The president’s approval ratings have been declining due to the impact of the Iran war and trade disputes on oil and commodity prices in the U.S.

Amid the prolonged war, gas and diesel prices have seen a sharp increase, affecting industries such as transportation and agriculture that heavily rely on diesel for their operations. The move to release oil comes after a previous announcement in March by the International Energy Agency member countries to stabilize the oil market by releasing 426 million barrels of oil and products.

France, holding the rotating presidency of the G7, made the announcement following a videoconference led by French President Emmanuel Macron. The G7 countries, along with EU representation, will coordinate with the International Energy Agency to implement the release of 100 million barrels of oil over four months.

Despite discussions about banning diesel exports to lower gas prices, the G7 statement clarified that the group agreed not to restrict energy exports among its members. It emphasized the importance of refraining from imposing bans that could worsen market tensions.

President Trump, who faced criticism for the rising fuel prices, had a discussion with Macron regarding the need to address the situation before the videoconference. A recent poll indicates that a majority of U.S. adults hold Trump accountable for the price hikes, impacting his handling of the economy approval ratings.