nuOct 2, 2026, 15:05

G7 taps 100 million barrels of oil and diesel from emergency reserves following Trump threat

The G7 countries are releasing 100 million barrels of oil and diesel from emergency reserves to counter market instability caused by the war in Iran. The decision comes after pressure from President Trump, though European leaders have rejected calls to restrict energy exports within the coalition.

The G7 nations, including the United States, Canada, Japan, and several European countries, have announced the release of 100 million barrels of oil and diesel from their emergency stockpiles. This action follows criticisms from President Donald Trump regarding the speed of previous releases and ongoing energy market disruptions caused by the war in Iran and the closure of the Strait of Hormuz. The coalition has emphasized that they will not implement energy export restrictions among themselves, a move strongly supported by the French presidency.

Simultaneously, the European Commission has formally rejected proposals for diesel export bans, warning that such measures would harm the alliance and undermine trust in the United States as a reliable partner. The Commission is currently developing new strategies to ensure diesel remains affordable for its member states. Following the outbreak of the conflict, the International Energy Agency had previously facilitated the release of four hundred million barrels to stabilize global energy prices, which have risen significantly due to the regional instability.

Politics Economy Business World

Read original ↗

Based on reporting by nu. Translated and condensed by LocalHeadlines.

Trial successful: over 60 percent of Amsterdam asylum seekers find a job or take steps toward paid employment

A successful pilot program in Amsterdam has helped over 60 percent of participating asylum seekers find employment or make progress toward securing a job since 2025. Due to these positive results, the initiative, which primarily placed participants in the hospitality, logistics, and transport sectors, will be continued.

Experts warn of sharp diesel price hike if Trump proceeds with export ban

The Trump administration is considering a diesel export ban to combat high domestic prices ahead of the U.S. midterm elections. Experts warn that this policy would intensify global fuel shortages, further increasing diesel costs and inflation throughout Europe and the Netherlands.

US-China trade truce extended by two months

The United States and China have extended their existing trade truce by two months to allow more time for potential negotiations. Despite the extension, the nations remain divided over import tariffs and China's compliance with agricultural purchasing commitments.

SER wants better guidance for Ukrainians into jobs matching their qualifications: 'We are missing opportunities'

The Social and Economic Council (SER) suggests that municipalities should take formal responsibility for integrating Ukrainian refugees into the Dutch labor market by providing language training and career guidance. Despite high employment rates, many Ukrainians are currently working below their qualification levels, leading to a loss of potential in key economic sectors.

Selling dates from Israeli settlements is now a criminal offense

Starting September 22, the Netherlands has banned the trade of goods from Israeli settlements in occupied Palestinian territories following an International Court of Justice ruling. Violators face potential prison sentences of up to six years, with enforcement efforts focusing on importers and retailers to ensure compliance.