G7 Agrees to Release Up to 100 Million Barrels of Oil and Petroleum Products from Strategic Reserves
Economy
The Group of Seven countries have agreed to release up to 100 million barrels of oil and petroleum products from strategic reserves over four months. The measure will be coordinated by the International Energy Agency (IEA) and is intended to stabilize global energy markets, with particular attention to diesel supplies.
The decision was reached on October 2 during a video meeting of G7 leaders convened by French President Emmanuel Macron. France holds the G7 presidency in 2026. The meeting focused on rising fuel prices and growing pressure on global energy markets.
Under the leaders’ joint statement, the release of reserves will begin immediately and continue for four months. A substantial volume of diesel is to be released within the first 20 days. G7 members and their partners will also discuss the possibility of additional diesel releases in the coming days if necessary.
Macron said the agreement also calls for greater production flexibility and efforts to operate refineries at maximum feasible capacity. G7 members will coordinate refinery maintenance schedules to avoid simultaneous reductions in refining capacity.
The agreement further commits G7 countries to refrain from imposing export restrictions on energy and petroleum products between members. The leaders also called on other producers to avoid bans that could increase tensions in energy markets.
US President Donald Trump had earlier said European countries had agreed to release substantial volumes of diesel from their reserves. The G7 decision comes amid significant pressure on the diesel market. IEA Executive Director Fatih Birol told G7 leaders that disruptions in refined-product supplies remain particularly acute in the diesel market.
According to Macron, the coordinated release of reserves is intended to help ease pressure on petroleum product prices, particularly diesel. The actual market impact, however, will depend on the pace of the releases, available refining capacity and the ability to deliver additional refined fuel to consumers.
The G7 is therefore combining several measures: increasing available market supply, supporting refinery operations and maintaining energy and petroleum-product trade among partner countries without new export restrictions.
Under the leaders’ joint statement, the release of reserves will begin immediately and continue for four months. A substantial volume of diesel is to be released within the first 20 days. G7 members and their partners will also discuss the possibility of additional diesel releases in the coming days if necessary.
Macron said the agreement also calls for greater production flexibility and efforts to operate refineries at maximum feasible capacity. G7 members will coordinate refinery maintenance schedules to avoid simultaneous reductions in refining capacity.
The agreement further commits G7 countries to refrain from imposing export restrictions on energy and petroleum products between members. The leaders also called on other producers to avoid bans that could increase tensions in energy markets.
US President Donald Trump had earlier said European countries had agreed to release substantial volumes of diesel from their reserves. The G7 decision comes amid significant pressure on the diesel market. IEA Executive Director Fatih Birol told G7 leaders that disruptions in refined-product supplies remain particularly acute in the diesel market.
According to Macron, the coordinated release of reserves is intended to help ease pressure on petroleum product prices, particularly diesel. The actual market impact, however, will depend on the pace of the releases, available refining capacity and the ability to deliver additional refined fuel to consumers.
The G7 is therefore combining several measures: increasing available market supply, supporting refinery operations and maintaining energy and petroleum-product trade among partner countries without new export restrictions.
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