G7 leaders agree to release up to 100 million barrels of diesel and crude oil
The coordinated release will begin immediately and include a frontloaded diesel draw, as U.S. diesel prices averaged $6.37 a gallon, AAA said.
- 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.
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Oil prices fell on Friday, extending losses seen earlier in the session after reports that additional diesel and crude oil would be released from strategic reserves in an effort to address a global supply glut. Brent futures, the international benchmark, for December delivery, fell 1.85% to $100.42 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) futures for November delivery fell 3.17% to $89.93 a barrel.
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G7 Opens Strategic Reserves With 100 Million-Barrel Release as Diesel Crisis Deepens
The Group of Seven agreed Friday to release up to 100 million barrels of diesel and crude oil over four months, beginning immediately, as governments ... The post G7 Opens Strategic Reserves With 100 Million-Barrel Release as Diesel Crisis Deepens first appeared on [your]NEWS.
G7 leaders agreed to release up to 100 million barrels of diesel and crude oil within four months.
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