Leaders of the Group of Seven have agreed to release 100 million barrels of diesel, crude oil and other energy reserves over the next four months as part of coordinated measures aimed at easing pressure on global fuel markets and protecting households and businesses from soaring energy costs.
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The decision was announced after G7 leaders held a virtual meeting on Friday, October 2, 2026, to discuss worsening volatility in global oil and refined-product markets, particularly the sharp increase in diesel prices.
In their joint statement, the leaders said surging energy prices were threatening economic stability and placing additional pressure on households and businesses, prompting what they described as coordinated measures to stabilise immediate supplies and strengthen the resilience of the global energy system.
The 100 million-barrel release will begin immediately and run over four months under the coordination of the International Energy Agency.
Crucially, the G7 said a substantial quantity of diesel would be released in the first 20 days by member countries and their partners, reflecting particular concern over shortages and rapidly rising prices in the diesel market.
The leaders said: “We have agreed on decisive, coordinated measures to stabilize immediate energy supplies, shield households and businesses from price shocks, and strengthen the long-term resilience of global energy systems.”
Beyond drawing down emergency reserves, the G7 agreed to coordinate maintenance schedules at refineries across member countries to prevent several facilities from shutting down for maintenance at the same time.
The group said refineries would also be encouraged to temporarily increase utilisation rates where possible, while countries with large refining capacities outside the G7 would be engaged to increase production of refined petroleum products, particularly diesel.
The leaders also asked the IEA to monitor implementation of commitments made earlier in March 2026 and oversee the new coordinated release.
They said they would meet again through the IEA in the coming days to consider whether additional diesel reserves should be released if market conditions require further intervention.
A follow-up report is expected within 20 days, assessing the effect of the measures on energy security and market stability and making recommendations on future responses, including how strategic reserves should eventually be replenished.
The G7 also made clear that it does not want governments responding to the crisis by restricting energy exports to one another.
“We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions,” the leaders said.
French President Emmanuel Macron, whose country holds the G7 presidency, said the agreement meant members would work in a coordinated manner to maximise refinery production, release up to 100 million barrels of strategic stocks and avoid measures restricting the movement of petroleum products between partner countries.
European Commission President Ursula von der Leyen also welcomed the agreement not to impose export bans among allies.
“Our citizens need and deserve affordable energy,” she said, adding that the European Union supported the IEA-coordinated release of fuel stocks.
The emergency action comes against a backdrop of sharp increases in fuel prices following disruptions to global energy supplies linked to the conflict involving Iran and disruption to shipping through the Strait of Hormuz.
The G7 statement condemned Iran’s attacks on neighbouring countries and disruption to international trade and energy security, while calling for the full restoration of navigational rights through the Strait of Hormuz.
The group also commended efforts by the United States to maintain the free flow of commerce through the strategically important waterway.
At the same time, G7 leaders said sanctions against Russia would remain in place, while member states worked with the IEA and international partners to prevent the crisis from spilling further into fuel, gas and other commodity markets.
“Our citizens’ concerns about energy prices remain a top priority,” the statement said, adding that the group would monitor developments and adjust its measures where necessary.
The pressure on governments has been particularly visible in the diesel market.
In the United Kingdom, the average price of diesel rose above £2 per litre for the first time, reaching about 200.01 pence per litre, while average petrol prices climbed to 174.71 pence.
In the United States, diesel prices had also climbed sharply, with average prices reported at more than $6 per gallon, about 70 per cent higher than before the Iran conflict.
International Energy Agency Executive Director Fatih Birol said oil prices had already started to fall following the decision to release reserves, expressing hope that the intervention would bring relief to global markets.
The G7 action therefore goes beyond simply releasing emergency stocks. It combines the reserve drawdown with refinery coordination, efforts to increase diesel production, a commitment against export restrictions and continuing monitoring by the IEA.
Whether those measures translate quickly into lower prices at filling stations will depend on how markets respond and how rapidly the additional supplies reach refiners and consumers.
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