The G7 agreed Friday to coordinate a 100 million-barrel oil release aimed at easing pressure on the global diesel market, as governments confront tight fuel supplies and elevated prices caused by disruptions across several major producing regions.
The group brings together seven of the world’s major advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union also participates in its meetings.
The plan, coordinated through the International Energy Agency (IEA), calls for the emergency stocks to enter the market over four months, with a substantial amount of diesel scheduled for release during the first 20 days.
The agreement followed mounting concern over shortages of refined fuels even as some crude oil flows from the Middle East have recovered. The G7 said members would also coordinate refinery maintenance, increase refinery use where possible and avoid restrictions on energy exports between member countries.
G7 diesel plan pairs 100 million-barrel oil release with refinery measures
The decision came after the United States pressed European governments to release diesel from emergency reserves. Washington had urged France and Germany to act and was considering restrictions on U.S. diesel exports if additional supplies were not made available.
President Donald Trump had raised the possibility of limiting diesel exports as U.S. inventories fell and domestic prices climbed. After the G7 agreement, Trump said, “We’re not going to be doing the export ban.”
G7 agrees to release 100 million barrels of oil and diesel over four months
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The G7 has agreed to coordinate the release of 100 million barrels of diesel and other oil reserves through the International Energy Agency (IEA) over the next four months, French President Emmanuel… pic.twitter.com/KqTcKxqM0W— The Cradle (@TheCradleMedia) October 2, 2026
The United States has become an increasingly important supplier to the international diesel market. In September, U.S. diesel exports were running near 1.3 million barrels a day, while domestic inventories had fallen to unusually low seasonal levels.
Supply problems have also spread well beyond the United States. Russian refinery output has been reduced by Ukrainian drone attacks, while Moscow extended restrictions on diesel exports through October. China also suspended most fuel exports for October as authorities sought to rebuild domestic stocks.
Middle East disruptions remain another major factor. The IEA has said the conflict that began in February caused an unprecedented oil supply shock, sharply reducing flows through the Strait of Hormuz and forcing countries to draw heavily on emergency reserves.
Earlier emergency oil release complicates G7 barrel accounting for diesel
The latest announcement follows an IEA decision in March to make 400 million barrels available during the broader energy crisis. Detailed implementation plans later put planned contributions, including additional production, at about 426 million barrels.
By Oct. 2, IEA Executive Director Fatih Birol said about 325 million barrels connected to that action had already been released. That has left an important accounting question surrounding the new G7 plan.
The official statement said the 100 million-barrel action would proceed “taking into account commitments that have already been fulfilled.” However, it remained unclear whether the entire amount represented new supply or whether some of it would complete earlier commitments.
The G7 also left open the possibility of further diesel releases if market conditions require them. The IEA is expected to monitor implementation and report back within 20 days, including recommendations on future measures and the eventual replenishment of emergency stocks.
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