G7 governments agreed on 2 October to release 100 million barrels of diesel and crude from emergency stocks over four months through the IEA, after US pressure tied to fuel prices and the Iran war.
Group of Seven countries agreed on Friday, 2 October 2026, to release 100 million barrels of diesel and crude oil from emergency reserves, Nikkei Asia reported, citing a joint statement. The release is to be coordinated by the International Energy Agency, begin immediately and run for four months.
The statement said a substantial volume of diesel would be made available within 20 days by G7 members and partners. It did not list participating countries or split volumes between crude, diesel and other products. Members also said they would refrain from energy-product export bans among themselves.
The Washington Post reported the agreement covers diesel, gasoline and crude and followed US pressure to ease fuel prices. President Donald Trump wrote on Truth Social that Europe had agreed to release diesel and that the process would begin immediately.
The Iran war had already prompted a March IEA-coordinated release that the Nation, citing the record, described as 400 million barrels, the largest on record. The new pledge is separate and accounts for commitments already fulfilled, the G7 statement said.
The G7 said it would meet again at the IEA in the coming days to discuss further diesel releases if needed. No additional volume had been announced by Sunday morning.
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- Trump wrote that Europe had agreed to release a massive amount of diesel and that the process would begin immediately
- French President Emmanuel Macron said the countries had agreed to act together to ease pressure on energy prices, Euronews reported