BRUSSELS, Belgium: The Group of Seven will release 100 million barrels of diesel and crude oil from emergency reserves over four months, with a substantial diesel release planned within 20 days as countries respond to surging fuel prices linked to the Iran war.

"Taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels," the G7 said in a joint statement.

The release will begin immediately and be coordinated through the International Energy Agency, with G7 members and partners front-loading diesel supplies.

The statement did not break down the amounts of crude oil, diesel, and other products to be released, or specify which countries would participate.

"We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary," the statement added.

U.S. President Donald Trump welcomed the move as he seeks to lower domestic fuel prices ahead of the November 3 midterm elections.

"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump wrote in a post on Truth Social on October 2.

The Trump administration had told Germany and France to draw down emergency diesel inventories or face a potential U.S. diesel export ban, it was reported on October 1, citing three people close to the discussions.

The G7 said its members would refrain from imposing export restrictions on energy products on each other.

"This is a political statement rather than a specific and binding commitment with the large headline number intended to persuade President Trump not to impose a diesel export ban," analysts at Energy Aspects said in a note.

Europe has increased imports of U.S. diesel this year because the Iran war has disrupted supplies from Gulf producers.

EU governments on Friday discussed a French proposal for European countries to release 50 million barrels of diesel and for IEA members to release 50 million barrels of crude oil, three sources familiar with the discussions told Reuters.

A 50-million-barrel diesel release would represent about 17 percent of the EU's total emergency stocks of diesel and gasoil, according to Eurostat data, or roughly 3 percent of the bloc's annual consumption.

U.S. diesel futures fell after reports of stock-release discussions, down more than four percent to US$4.4491 a gallon. Benchmark European diesel futures dropped by more than $90 per metric ton, LSEG data showed.

The Iran war prompted the largest coordinated emergency stock release in history in March, when the 32-member IEA coordinated the release of 400 million barrels of strategic reserves. IEA Executive Director Fatih Birol said this week that members had released about two-thirds of those volumes.