G7 leaders announced on Friday, Oct. 2, 2026, that they will release up to 100 million barrels of fuel from strategic reserves to address rising energy prices. The coordinated release, which is scheduled to occur over the next four months, includes a specific focus on diesel to alleviate market pressures.
The decision followed an emergency video conference on Friday morning chaired by French President Emmanuel Macron. U.S. President Donald Trump, who spoke with Macron on Thursday night and G7 leaders on Friday morning, stated that Europe had agreed to release a "massive amount" of diesel stockpiles. The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union participating as a non-enumerated member.
A joint statement from the G7 confirmed that the release would begin immediately and would be front-loaded, with a substantial amount of diesel released within the first 20 days. The group also pledged to coordinate refinery maintenance schedules to maximize fuel production and encouraged other countries with significant refining capacity to increase output. While President Trump had previously discussed a possible ban on U.S. diesel exports to lower domestic costs, he stated Friday afternoon that such a ban was "never really on the table."
The scale of the intervention involves 100 million barrels of oil and fuel across G7 member nations. This follows a previous agreement in March by the 32 member countries of the International Energy Agency (IEA) to release 400 million barrels, a process that officials say is not yet complete. The specific "front-loaded" diesel release aims to provide relief to a market where U.S. inventories hit a record low of 107.9 million barrels on Sept. 11.
The move also follows G7 statements that included a commitment to refrain from energy export restrictions between partner countries. This agreement effectively sidesteps previous discussions of a U.S. diesel export ban, which the European Union had rejected earlier on Friday. The IEA is scheduled to convene in the coming days to discuss the necessity of additional releases as the U.S.-Israeli war with Iran and shipping constrictions in the Strait of Hormuz continue to impact global shipping and supply.