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The Group of Seven industrial nations said in a joint statement that they would implement a coordinated release through the International Energy Agency of 100 million barrels beginning immediately and continuing over four months. French President Emmanuel Macron, who holds the rotating G7 presidency, chaired the videoconference of leaders that produced the agreement. The statement called the action decisive measures to stabilize immediate energy supplies and shield households and businesses from price shocks while building longer-term resilience in global energy systems.
A substantial diesel release will be front-loaded within the first 20 days by G7 members and their partners, according to the joint statement. The G7 group, which includes the United States, Britain, Canada, France, Germany, Italy and Japan, also reaffirmed its commitment to refrain from export restrictions on energy and energy products between member countries. The International Energy Agency will monitor implementation of the plan to ensure full compliance.
The decision addresses soaring diesel prices that reached a record $6.52 per gallon in the United States on September 22 before standing at $6.37 on Friday, AAA data shows. Conflict in Iran has disrupted refinery output and global supply chains, pushing European gasoil futures above $200 per barrel in recent weeks. The G7 statement noted that the release follows an earlier coordinated drawdown of 400 million barrels in March 2026 after the war began, according to records of the International Energy Agency’s prior actions.
President Donald Trump welcomed the agreement in a social media post, stating that Europe had agreed to release a massive amount of its heavily stocked diesel oil with the process beginning immediately. The Trump administration had pressed European allies to tap their emergency diesel inventories or face potential restrictions on U.S. diesel exports, multiple reports indicated. Macron told journalists after the talks that the group had agreed to increase refinery flexibility to maximize production of petroleum products.
This latest release amounts to roughly one day’s global oil demand and focuses particularly on diesel to address shortages affecting transportation, heating and industrial sectors. European gasoil futures fell more than 4 percent following the announcement while Brent crude declined about $3 to below $100 per barrel, according to market data. The G7 called on all producers to avoid imposing bans that could exacerbate market tensions.
The plan builds on the G7’s established framework for using strategic reserves during periods of extreme volatility, a mechanism the International Energy Agency has coordinated in past supply crises. Leaders emphasized that the front-loaded diesel component responds directly to current market conditions where diesel’s premium over crude had widened sharply. The joint statement highlighted the need for collective action to support economic stability across member economies.
