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.
549 Articles
549 Articles
The G7 countries agreed to release 100 million barrels of oil and diesel from strategic reserves, and the group stated that sanctions against Russia would be maintained.
Under the threat of a US export blockade, on which half of the gas oil imported from the EU depends, the G7 "concords" a release from the stocks of 100 million barrels of crude oil and refined, with a first "substantial" share of diesel in only twenty days, in time for the vote. But Europe comes out very badly, and Germany even worse ...
In view of the high fuel prices, the G7 states want to release oil reserves. The US had previously put pressure on the European G7 members in particular. US President Trump's high prices are a major domestic problem.
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