G7 leaders agree to release up to 100 million barrels of diesel and crude oil
- On Friday, October 2, 2026, Group of Seven leaders agreed to release 100 million barrels of oil through the International Energy Agency over four months, with a frontloaded substantial diesel release within the first 20 days.
- President Donald Trump pressured European nations to tap emergency stocks, threatening a U.S. diesel export ban if they refused. European officials described the demands as U.S. 'threats' before agreeing to the coordinated action.
- U.S. diesel prices averaged $6.37 a gallon on Friday, after reaching a record $6.52 on September 22, 2026. The Iran war drove these elevated costs, spurring urgency for the reserve release.
- Diesel futures fell more than 4% as markets responded to the announcement, while G7 members pledged to refrain from export restrictions and coordinate refinery maintenance schedules to prevent simultaneous capacity shutdowns.
- Experts warn that strategic releases are a necessary, if not sufficient, condition to prevent long-term shortages during the Iran war. Actual fuel supply depends on refinery capacity and logistics, not crude volumes alone.
299 Articles
299 Articles
US President demanded that large European countries, including France and Germany, release 100 million barrels of diesel within 20 days, even threatening the EU with a possible ban on US diesel exports
G7 to release 100 million barrels of oil due to rising prices The <p>G7 agreed a coordinated release of 100 million barrels of oil through the IEA. Significant volumes of diesel fuel will enter the market in the first 20 days.</p>
US President Donald Trump said Friday in a post on Truth Social that European countries agreed to make available a "great amount of their diesel reserves," says Ms.. After a virtual meeting on Friday, the G7 leaders decided to make available 100 million barrels of energy reserves, according to the BBC.
President Emmanuel Macron announced this Friday that the G7 countries will release up to 100 million barrels of oil and diesel from their strategic reserves in...
For days now Trump has been threatening Europeans to abandon them from American diesel if they do nothing against the high prices. Now the major industrialised countries are responding.
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