The G7 nations announced a coordinated release of 100 million barrels of oil and diesel from strategic reserves through the International Energy Agency (IEA) to stabilize global energy markets, following pressure from U.S. President Donald Trump to curb soaring fuel prices.
The Group of Seven (G7) countries agreed to release 100 million barrels of oil and diesel from emergency reserves over four months, including a front-loaded diesel release within the first 20 days, according to a joint statement from French President Emmanuel Macron’s office. The move aims to address surging global energy prices driven by the U.S.-Israel war with Iran and Russia’s conflict in Ukraine, which have disrupted supply chains and pushed diesel prices to record highs. G7 leaders met on October 2, 2026, to plan measures against rising fuel costs following increased U.S. pressure on Europe to tap into its strategic reserves or risk a diesel export restriction.
G7 Unveils Oil Release Plan
The G7 leaders, including Macron and U.S. President Donald Trump, pledged to implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a front-loaded substantial diesel release within the first 20 days,
the statement said. This follows diplomatic pressure from the U.S., which threatened to impose a diesel export ban on Europe unless reserves were released. French President Macron, flanked by Economy, Finance and Industry Minister Roland Lescure and Secretary-General of the Office of the President of the French Republic Pierre-Andre Imbert, spoke after convening the G7 meeting.
The U.S. had previously warned that Europe’s refusal to release reserves could lead to a diesel export ban, a move that would have exacerbated supply shortages in the EU, which relies heavily on imported fuel. The IEA’s 32 member nations had previously committed in March to release 400 million barrels of oil from reserves, the biggest such action in history.
Market Response to G7 Oil Move
Global diesel prices, which hit a record $6.50 per gallon last Friday, saw some relief after the G7 announcement. The price of Brent crude briefly dropped below $100 a barrel after the G7 announcement but rebounded to about $102 in the evening. In the U.S., the national average for a gallon of diesel was $6.37 on Friday, according to the American Automobile Association (AAA), after hitting a record $6.52 on September 22.
Reuters reported earlier in the week that the White House had pushed the European Union to reduce emergency diesel stockpiles to help reduce global prices, based on information from two individuals involved in the process. The G7’s energy release is set to start right away and continue for four months, featuring a significant diesel release over 20 days.
U.S. Pressure Drives G7 Oil Release
The G7’s decision came after intense diplomatic pressure from the Trump administration, which had threatened to impose a diesel export ban on Europe. Trump claimed Europe had agreed to release a massive amount
of diesel, stating, The process will begin immediately
on his Truth Social network. However, the EU had previously resisted such pressures, with European Commission spokeswoman Anna-Kaisa Itkonen warning that a U.S. export ban would undermine our trust in the United States as a reliable partner.
The move also aligns with broader U.S. midterm election dynamics, as rising fuel costs have become a key issue for voters. Trump, who has criticized European allies for not doing more to lower prices, framed the G7 agreement as a victory. We agree to work in a coordinated manner to help bring down the prices of petroleum products, particularly diesel,
Macron said in a social media post. The flurry of diplomatic activity came a day after U.S. Treasury Secretary Scott Bessent cranked up the pressure on European nations, stating, American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage.
Neil Atkinson, former head of the International Energy Agency’s Oil Industry and Markets Division, noted that global diesel supply has been strained by reduced exports from the Middle East and Russia. There isn’t diesel coming out of the Middle East to Europe, and Europe took quite a lot of diesel from Saudi Arabia and from Kuwait,
he told Al Jazeera. Russia has now ceased to export diesel at all
due to attacks on its refineries. Russia ranks as the world’s second-largest diesel exporter, supplying 783,400 barrels per day (bpd) to the international market.
The G7 statement called for additional diesel releases as necessary
in the coming days. However, the exact breakdown of how much oil and diesel each nation will release remains unclear. The IEA, which will oversee the distribution, had previously reported that members had released about two-thirds of the 400-million-barrel agreement reached in March. The G7’s energy release is set to start right away and continue for four months, featuring a significant diesel release over 20 days.
For now, the focus remains on whether the release will translate to lower prices at the pump. As the G7 prepares for further discussions, the coming weeks will determine whether this coordinated effort marks a turning point or a temporary reprieve in the energy crisis.
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