BRUSSELS: Group of Seven countries agreed on Friday on the release of 100 million barrels of diesel and crude oil from emergency reserves in a move welcomed by US President Donald Trump as he seeks to cool surging fuel prices linked to the Iran conflict. The move follows the biggest emergency stock release in history in March, coordinated by the International Energy Agency (IEA).

"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. It said the release would begin immediately and last four months, featuring a front-loaded substantial diesel release within 20 days by G7 members and partners.

"Europe has just agreed to release a massive amount of their heavily stocked diesel oil. The process will begin immediately," Donald Trump wrote in a post on social media on Friday. The US president is seeking to lower domestic fuel prices ahead of the November 3 midterm elections.

Europe has boosted its imports of US diesel this year due to disrupted supply from Gulf producers stemming from the Iran war. EU governments on Friday discussed a proposal by France 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.