The Group of Seven (G7) nations announced on Friday, October 2, 2026, that they plan to release 100 million barrels of oil and fuel products from their reserves. The release, coordinated through the International Energy Agency (IEA), is intended to stabilize energy supplies and address high prices for diesel fuel.
The agreement followed a virtual meeting chaired by French President Emmanuel Macron, whose country currently holds the rotating G7 presidency. The move comes amid an eight-month war involving Iran and ongoing trade disputes. President Donald Trump participated in the videoconference to negotiate the release of European diesel stockpiles. Trump had threatened to cut U.S. diesel exports if G7 leaders did not agree to the release, as he faces pressure to address prices ahead of the November midterm elections.
The G7 stated that the release will occur over a four-month period, beginning with a "frontloaded substantial" distribution of diesel within the first 20 days. In the United States, the national average for diesel reached $6.37 per gallon on Friday, down from a record high of $6.52 on September 22. In the United Kingdom, diesel prices reached an average of two pounds per litre for the first time on Friday.
The release primarily affects diesel consumers, including farmers, truck drivers, and shipping companies. U.S. farmers, currently harvesting soybeans and corn, have faced record fuel costs for machinery. The G7 also committed to refraining from energy export restrictions between members, a decision that prevents potential trade barriers between the U.S. and its partners.
The effort includes a plan to coordinate refinery maintenance schedules to prevent simultaneous shutdowns and increase utilization rates. The G7 and the IEA are scheduled to deliver a follow-up report within 20 days to evaluate the impact of the release and recommend further actions, including how to replenish emergency stocks. Additional diesel releases will be discussed in the coming days as market conditions evolve.