G7 agrees to release up to 100 million barrels of oil and diesel reserves

G7 leaders agreed on 2 October 2026 to release up to 100 million barrels of strategic diesel and crude oil reserves over four months in a coordinated response to rising fuel prices, according to the French presidency.

The decision followed a virtual meeting convened by French President Emmanuel Macron with the International Energy Agency’s executive director participating. The Élysée said the agency would coordinate the release.

The leaders also agreed against energy export bans or restrictions between G7 members. That commitment followed pressure from US President Donald Trump, who had threatened to halt US diesel exports unless Europe released more of its own reserves, the Guardian reported.

Macron said a substantial diesel release would be concentrated in the first 20 days, with further releases to be discussed if needed, according to the Guardian. The announced ceiling is a planned drawdown; it does not mean the entire volume has already reached the market.

The French presidency also said the group would seek to increase refinery output and coordinate efforts to restore freedom of navigation through the Strait of Hormuz. The measures aim to ease the supply pressures driving fuel costs, although the announcement does not establish how quickly any relief will reach consumers.