U.S. President Donald Trump said he would not impose an “export ban” after G7 countries agreed to release 100 million barrels of diesel and oil from their reserves.
Al Jazeera reported early Saturday, October 3, that Trump made the remarks Friday evening in response to the G7 decision.
According to the report, Trump had previously threatened to impose an “export ban” if European countries refused to release their diesel and crude oil reserves amid a surge in prices.
The move came after pressure from the United States, with G7 members agreeing early Friday to release 100 million barrels of diesel and crude oil from their reserves.
Meanwhile, the war between the United States and Iran and the subsequent closure of the Strait of Hormuz, along with escalating tensions and fighting between Saudi Arabia and the Houthis, are among the main factors driving up global crude oil prices and the prices of related petrochemical products.
