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The Group of Seven nations agreed on Friday to release as much as 100 million barrels of diesel and crude from their strategic reserves, according to a joint statement issued after a videoconference chaired by French President Emmanuel Macron. The International Energy Agency will coordinate the drawdown, which begins immediately and extends over four months with a front-loaded substantial diesel release within the first 20 days by G7 members and partners. Macron told journalists the plan aims to trigger a drop in fuel prices while the G7 also committed to avoiding export restrictions on energy products among member countries.
Diesel prices have climbed to unprecedented levels in the United States amid supply disruptions from the conflict that erupted in the Middle East in February 2026. AAA data placed the national average at a record $6.53 per gallon in September before a slight retreat, while global diesel futures reacted to the G7 announcement by falling more than 4 percent. The G7 statement described the release as decisive coordinated measures to stabilize immediate energy supplies and curb price spikes that have rippled through economies.
This action builds upon an earlier record release in March when the International Energy Agency coordinated a collective draw of 400 million barrels from member stockpiles in response to initial war-related interruptions in flows through the Strait of Hormuz. The United States provided 172 million barrels in that effort while other members including Japan contributed significant volumes, IEA figures show. The latest G7 commitment takes into account portions already fulfilled from those earlier pledges.
President Donald Trump welcomed the decision in a Truth Social post, stating “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately.” The announcement followed U.S. pressure on European allies that had included discussion of potential American diesel export bans if reserves were not tapped. The G7 statement further called on all producers to refrain from imposing bans that could worsen market tensions.
European gasoil futures extended declines after the news while Brent crude dropped around $3 to below $100 per barrel, market data indicate. The premium of diesel over crude narrowed from recent highs as traders incorporated the prospective supply addition. The IEA plans to convene additional talks in coming days to assess whether further diesel releases become necessary.
The G7 grouping comprises the United States, Canada, France, Germany, Italy, Japan and Britain. Its latest intervention reflects the sixth time IEA members have undertaken coordinated emergency stock releases since the agency’s founding in the 1970s, with prior actions occurring in 1991, 2005, 2011 and twice in 2022. While the buffer provides short-term relief, IEA assessments continue to stress that resumption of normal shipping through the Strait of Hormuz would prove most decisive for restoring market balance.
