Paris, October 2, 2026 (Agencies) – Leaders of the Group of Seven (G7) nations have agreed to release up to 100 million barrels of strategic diesel and crude oil reserves over the next four months in a coordinated effort to ease soaring fuel prices and stabilize global energy markets.
The decision was reached during an emergency virtual meeting chaired by French President Emmanuel Macron, who said the release would be coordinated through the International Energy Agency (IEA) and would begin immediately. The plan includes a substantial release of diesel supplies within the first 20 days.
Global fuel prices have surged in recent months amid disruptions linked to the ongoing Iran conflict and constraints on oil shipments through the Strait of Hormuz, a key energy transit route. The sharp rise in diesel prices has increased transportation and logistics costs across major economies.
In a statement following the meeting, G7 leaders said they would coordinate refinery operations to maximize fuel production, work with countries possessing significant refining capacity to increase supplies, and avoid imposing restrictions on trade in energy and petroleum products among partner nations.
“We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days,” the joint statement said.
Addressing reporters after the meeting, Emmanuel Macron said the objective was to reduce pressure on fuel markets and bring down prices for consumers and businesses. He added that G7 countries had also agreed not to introduce export restrictions on energy products within the group.
US President Donald Trump welcomed the agreement, saying on social media that Europe had committed to releasing a “massive amount” of diesel reserves and that the process would start immediately.
Market analysts said the coordinated release is expected to increase fuel availability and help ease price pressures, particularly in the diesel market, which has experienced significant volatility in recent weeks. Diesel’s premium over crude oil declined following news of the agreement, reflecting expectations of additional supply entering the market.
The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, with France currently holding the group’s rotating presidency.