The Group of Seven agreed Friday to draw 100M barrels of diesel, gasoline, and crude oil from emergency reserves over the next four months.
The deployment starts immediately and will be coordinated through the International Energy Agency.
Leaders promised a frontloaded substantial diesel release within the first 20 days.
"We will convene in the context of the IEA in the coming days," the G7 leaders said in a joint statement.
The G7 comprises France, Canada, Germany, Italy, Japan, the UK, and the US, with the European Union also attending its meetings. France holds the presidency.
Trump threatened a diesel export ban to force the deal
The agreement followed intense pressure from the Trump administration for Europe to tap its own stockpiles.
Trump had warned he would ban diesel exports from the US if European countries refused to put more supply onto the market.
That threat carried weight because US diesel accounts for more than half of Europe's imports of the fuel.
The US had demanded large European countries including France and Germany release 100M barrels of diesel within a 20-day window, one source told Reuters.
EU governments instead weighed a French proposal splitting the load, with European countries releasing 50M barrels of diesel and IEA members releasing 50M barrels of crude.
Members also agreed to refrain from imposing export restrictions on energy products among one another.
Record pump prices raised the stakes
US diesel prices hit record highs in September and averaged $6.37 per gallon Friday.
Gasoline has stayed above $4 per gallon, building political pressure ahead of November's midterm elections.
The Department of Energy is separately releasing 40M barrels from the Strategic Petroleum Reserve. It is the final tranche of a 172M-barrel commitment made after the Iran war began on Feb. 28.
European diesel benchmarks pushed past $200 per barrel before the meeting.
More than 11% of French service stations are running dry, pushing Paris to hunt for extra diesel, jet fuel, and natural gas.
Emmanuel Macron convened the emergency video call that produced the deal.
The release puts more emergency fuel into the market as governments try to bring elevated energy costs under control.
Attention now turns to the first 20 days, when a substantial portion of the diesel release is set to reach the market.
