Oil Market

Trump: Threat of export ban was not serious

Donald Trump never seriously intended to carry out his threats to impose an export ban on American diesel, he told reporters, according to AFP.

"It was never really on the table. But what Europe did was great."

Earlier on Friday, the G7 nations announced they would release up to 100 million barrels of oil and diesel from their reserves to lower prices, which have risen sharply in the wake of the wars in Iran and Ukraine.

According to ten sources within the oil industry and European governments, the White House waged a pressure campaign—likened by some to blackmail—threatening an export ban unless Europe released more of its reserves.

Sources: European anger over Trump’s "blackmail"

Anger is widespread among European politicians after Donald Trump pressured G7 nations into releasing large quantities of reserve diesel by threatening a US export ban. This is according to ten sources within the oil industry and European governments speaking to Politico.

High-ranking White House officials conducted a pressure campaign until the European countries finally yielded, the sources said.

"EU members perceived the US request as blackmail and view it as a major security issue," said one of them.

The G7 announced today that it is releasing up to 100 million barrels of diesel and crude oil. Trump has campaigned intensely for further measures to lower prices, which have risen as a result of the wars in Iran and Ukraine. 

Source: South Korea denies oil deal with Trump

Donald Trump claims that South Korea, as part of its trade agreement with the US, has pledged $8.4 billion to an oil project aimed at extracting more oil from an aging oil field by injecting gases into it.

"I am pleased to announce that the deal with the Republic of Korea just keeps getting better!" he writes on Truth Social.

A source within South Korea’s Ministry of Trade, Industry and Energy tells the news agency Yonhap that this is incorrect and that they do not know what Trump is referring to.

The ministry has sent a request for clarification to the US, the source adds.

G7 to release 100 million barrels of oil and diesel

G7 nations will release up to 100 million barrels of diesel and crude oil from their reserves over the coming four months, French President Macron announces, according to AFP.

Donald Trump writes on Truth Social that this is to take place "with immediate effect."

Oil and diesel prices have risen sharply due to the wars in Ukraine and Iran, and Trump has called for further measures to bring them down.

The announcement follows a video conference with G7 leaders hosted by Macron.