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G7 Agrees to Release 100 Million Barrels of Oil and Diesel From Reserves
G7 leaders agreed Friday to a coordinated release of 100 million barrels of diesel and crude from emergency reserves through the IEA over four months, with substantial diesel frontloaded within 20 days.
Why it matters
This is the second major coordinated emergency oil release this year, aimed squarely at surging diesel prices — which in the UK broke £2 a litre for the first time on Friday. The statement also marks a G7 pushback against Washington's threats of a US diesel export ban, with the group reaffirming a no-export-restrictions commitment among members.
Full report
BRUSSELS, Oct 2 (Reuters) — Group of Seven leaders agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves, pledging to refrain from energy export restrictions after pressure from US President Donald Trump.
"Taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels," the G7 said in a joint statement after a virtual summit chaired by French President Emmanuel Macron, as France holds the G7 presidency.
The release will begin immediately and last four months, with a substantial amount of diesel to be released within the first 20 days by G7 members and partners, the statement said. It did not provide a breakdown of crude, diesel and other product volumes, nor say which countries would participate.
The leaders also agreed to coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and to temporarily increase utilization rates where feasible. The group reaffirmed its commitment to refrain from export restrictions on energy and energy products between G7 countries, and asked the IEA to assess the measures and report back within 20 days.
The decision follows US pressure: the Trump administration had warned that failure to act could lead to a US ban on diesel exports, which could sharply reduce supplies to Europe — increasingly reliant on US diesel. Trump is seeking to cool surging fuel prices ahead of the November midterm elections. The Iran war sparked the biggest emergency stock release ever of 400 million barrels in March, coordinated by the IEA; IEA Executive Director Fatih Birol said this week that members had released about two-thirds of that agreement.
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