PARIS, France — Leaders of the Group of Seven have agreed to release 100 million barrels of crude oil and diesel from emergency reserves over four months in an effort to ease pressure on global fuel supplies and prices.
The coordinated release will begin immediately, with a substantial amount of diesel scheduled to reach the market during the first 20 days, according to a statement issued after G7 leaders met virtually on Friday, October 2, 2026.
The International Energy Agency will coordinate the action and monitor its effect on energy markets.
The G7 did not specify how much of the 100 million barrels would consist of diesel and how much would be crude oil.
The decision comes as diesel and oil prices have risen sharply amid disruptions to global energy supplies.
G7 Moves to Increase Supply
French President Emmanuel Macron chaired the virtual meeting as France holds the G7 presidency.
In their joint statement, the leaders said oil-market volatility and rising prices were threatening economic stability and putting pressure on households and businesses.
Alongside the reserve release, the G7 agreed to coordinate maintenance schedules at refineries so that large amounts of capacity are not taken offline at the same time.
Members also said they would temporarily increase refinery utilisation where possible and encourage countries with substantial refining capacity to produce more refined fuels, particularly diesel.
The G7 asked the IEA to assess the measures and provide a follow-up report within 20 days, including recommendations on further action and how emergency reserves should eventually be replenished.
Officials will also meet through the IEA in the coming days to consider whether additional releases of diesel may be necessary.
Pressure Builds Over Diesel Supplies
The agreement followed pressure from the Trump administration for European countries to release more diesel from emergency stocks.
The United States had urged major European economies, including France and Germany, to make additional supplies available and had raised the possibility of restricting American diesel exports if they did not act, Reuters reported.
Before the G7 meeting, European Union governments discussed a French proposal under which European countries would release 50 million barrels of diesel while members of the IEA would make another 50 million barrels of crude oil available.
The final G7 agreement did not adopt that precise public breakdown.
Instead, it committed members and partners to a combined 100-million-barrel release, with diesel supplies concentrated toward the beginning of the four-month programme.
President Donald Trump had also been considering a ban on American diesel exports as his administration sought to reduce domestic fuel prices.
European officials opposed such a restriction, warning that it could further disrupt international supplies.
In its statement, the G7 pledged not to impose restrictions on energy trade among its members and called on other producers to avoid export bans that could increase market pressure.
Fuel Markets Under Strain
Global diesel supplies have tightened during the conflict involving the United States, Israel, and Iran, while Russia has restricted diesel exports following Ukrainian attacks on its refining infrastructure.
Chinese refiners have also suspended fuel exports for October to preserve domestic supplies, Reuters reported.
The G7 also cited disruption to international trade and energy flows through the Strait of Hormuz and called for navigational rights through the waterway to be fully restored.
Earlier this year, the IEA coordinated a separate release of 400 million barrels from emergency oil reserves following disruptions associated with the Iran conflict, the largest such release in the agency’s history.
About two-thirds of those commitments had been fulfilled by the beginning of October, according to IEA Executive Director Fatih Birol.
The latest concerns have centred increasingly on diesel rather than crude alone because shortages of refinery capacity and refined products can persist even when additional crude oil becomes available.
Markets moved lower as governments discussed further releases on Friday.
Brent crude fell about 3 per cent to $99.25 a barrel, while West Texas Intermediate dropped more than 4 per cent to $88.92.
European gasoil futures, a benchmark for diesel, also declined.
