G7 agrees to release up to 100 million barrels of oil and diesel from reserves
3 October 2026
G7 leaders announced on Friday 2 October that up to 100 million barrels of oil and diesel will be released from reserves to ease supply concerns.
The release begins immediately and lasts four months, coordinated by the International Energy Agency.
It includes a 'substantial release' of diesel within 20 days, with further diesel releases to be discussed as necessary.
Members agreed there will be no export restrictions on energy and energy products between G7 members.
The deal followed President Trump's threat to ban US diesel exports unless Europe released more of its own stocks; President Macron chaired the leaders' meeting.
In plain words
G7 Group of Seven — Advanced economies comprising the US, UK, Canada, Japan, Germany, Italy and France, with the EU also represented at meetings.
IEA International Energy Agency — The body that coordinates the collective release of its members' emergency oil stocks.