G7 Agrees to Release Up to 100 Million Barrels of Oil and Diesel to Ease Global Energy Crisis

Leaders of the Group of Seven (G7) agreed on Friday, Oct. 2, to release up to 100 million barrels of petroleum products from strategic reserves over a four-month period to combat mounting pressure on global energy prices, according to an official statement. France, which currently holds the presidency of the G7, convened a virtual conference on the global energy situation alongside international counterparts in coordination with the International Energy Agency (IEA).

Coordinated Strategic Releases Set for Immediate Launch

“We agree to work in a coordinated manner to help lower the prices of petroleum products, particularly diesel,” the G7 communiqué stated, as relayed by the French presidency. The operation begins immediately, with a significant volume of diesel slated for release within the next 20 days by G7 members and their international partners. Officials plan to reconvene through the IEA in the coming days to weigh potential additional diesel releases if market conditions demand further intervention.

Trump Presses Europe to Release Gasoil Stocks

In the United States, President Donald Trump addressed the decision on his social media platform Truth Social, writing that Europe had agreed to release a massive quantity of its substantial gasoil stocks with processes starting immediately. Trump’s administration had previously pressed Germany and France to trim emergency diesel reserves under the threat of potential U.S. export bans on diesel, Reuters reported Thursday, citing three sources familiar with the discussions. Despite those tensions, the formal G7 declaration specifies that member nations will abstain from imposing energy export restrictions against one another.

Analysts at Energy Aspects noted in a research note that the accord represented a political declaration rather than a binding operational commitment, suggesting the substantial volume figure was designed primarily to persuade Washington against enacting diesel export bans.

Divergent Figures Between European Reserves and Transatlantic Demand

European nations have increased imports of U.S. diesel throughout the year following supply disruptions from Gulf producers stemming from the war in Iran. European Union governments discussed a French proposal on Friday under which European nations would release 50 million barrels of diesel while IEA members contributed 50 million barrels of crude oil, according to three sources cited by Reuters. The proposed release of 50 million barrels of diesel equates to roughly 17% of the EU’s total emergency diesel and gasoil inventories, representing about 3% of the bloc’s annual consumption, Eurostat data shows.

European Leaders Welcome G7 Export Assurances

European Commission President Ursula von der Leyen welcomed the G7 decisions, pointing out that the agreements successfully remove the threat of U.S. gasoil export restrictions against European allies. “We welcome the G7 countries’ decision not to impose export bans on allies and the continued solidarity between partners,” von der Leyen posted on the social media platform X. French President Emmanuel Macron added at the conclusion of the summit that member states had codified an absence of export limitations among G7 members, noting that Trump had been explicit on maintaining open trade channels during their discussions.