Group of Seven countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves as governments seek to contain elevated fuel prices and reduce the risk of further supply disruption.
The coordinated release will begin immediately and run over four months. The G7 said a substantial amount of diesel would be released within the first 20 days.
Energy prices have become a policy priority
The agreement follows renewed pressure on global fuel markets linked to the Iran conflict, refinery disruptions and tighter diesel availability. Earlier this year, International Energy Agency members coordinated a much larger emergency release after the conflict intensified.
The latest decision also came after the U.S. administration pressed European partners to draw down diesel stocks. President Donald Trump later said the United States would not impose a diesel export ban.
Country-by-country contributions remain unclear
The G7 statement did not specify how much each member would contribute or provide a precise breakdown between crude oil, diesel and other refined products. That means the impact on physical supply will depend on how quickly individual countries implement the agreement.
Diesel prices are particularly important for freight, agriculture, construction and industrial activity. Governments are trying to ease those costs without exhausting emergency inventories that may still be needed if geopolitical risks worsen.
Sources: G7 joint statement; Reuters, Oct. 2, 2026; International Energy Agency background.
