G7 Nations to Release Up to 100 Million Barrels of Emergency Oil and Diesel Over Four Months

The Group of Seven nations agreed to release as much as 100 million barrels of emergency diesel and crude oil from their strategic stocks over the next four months, French President Emmanuel Macron announced on October 2. Macron, who chairs the G7, said the action was driven by pressure from the Trump administration to ease rising fuel prices, with the release to be coordinated through the International Energy Agency. The move addresses supply disruptions tied to broader market stress in global fuel markets.

The release will be frontloaded, with a substantial diesel drawdown by G7 members and partners within the first 20 days, followed by continued releases over the remaining period. G7 nations and partners plan to convene through the IEA in the coming days to discuss whether additional diesel releases beyond the initial commitment will be necessary. The coordinated plan accounts for reserve commitments already fulfilled by member countries.