As fuel prices surge, G7 countries to release millions of barrels of oil & diesel from reserves

The G7 countries have agreed to release 100 million barrels of oil and diesel to stabilise global energy supplies and help counter the surge in prices.

In a statement issued on October 2 by French President Emmanuel Macron's office — following an emergency video conference of G7 leaders chaired by Macron — the countries said the release will begin immediately over four months, including a "front-loaded substantial diesel release within the first 20 days."

The G7 countries are: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is also represented in meetings.

The decision to release the petroleum reserves comes amid the ongoing Iran conflict and the continued Russia-Ukraine war. Global diesel prices hit a record high recently, with the average price for a gallon (3.79 litres) of diesel reportedly pegged at US$6.50, up from US$5.61 a month earlier, according to the American Automobile Association (AAA). Following Friday's announcement, oil prices softened, with Brent crude falling about 1.5% to around US$100.80 per barrel.

US President Donald Trump had also warned he would ban diesel exports from America if European countries did not release more of their own stocks onto the market. Throughout the week, the Trump administration ramped up pressure on European allies — with Treasury Secretary Scott Bessent urging Europe to "immediately" tap its reserves, and Trump himself calling in to the G7 leaders' meeting to negotiate the release of European diesel stockpiles.

It is not yet clear how many barrels each G7 member will release individually, but additional releases beyond the 100 million barrels remain possible.

"We will convene in the context of the International Energy Agency in the coming days to discuss the possibility of additional diesel releases as necessary," the G7 leaders said.

The leaders also reaffirmed their commitment against export restrictions: "We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions."

This move is an additional release on top of the 400 million barrels already committed by IEA member countries in March 2026.

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