G7 to Release Up to 100 Million Barrels of Oil Amid Rising Prices

The Group of Seven (G7) announced plans to release as much as 100 million barrels of oil from strategic reserves over the next four months, coordinated through the International Energy Agency (IEA). The release will feature a substantial diesel component early in the schedule, with a front-loaded shipment expected within the first 20 days, according to a statement issued after a meeting chaired by French President Emmanuel Macron.

"The group will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary," the statement said.

The decision follows a post by U.S. President Donald Trump on his Truth Social platform, in which he noted that Europe had agreed to release a large amount of diesel stockpiles. Trump has previously urged European nations, particularly Germany and France, to make diesel reserves available to ease price pressures linked to reduced shipping traffic through the Strait of Hormuz.

EU data from Eurostat show that member states and the United Kingdom hold roughly 52 million tonnes of gas, oil and diesel, including about 38 million tonnes designated as emergency reserves. EU regulations require members to maintain emergency oil stocks covering at least 90 days of net imports or 61 days of domestic consumption, whichever is greater.

The United States has seen diesel prices surge, with the national average reaching $6.37 per gallon, after a record high of $6.52 in September. U.S. diesel inventories fell to a record low of 107.9 million barrels on September 11, 2026. Earlier this year, the IEA reported that its 32 member countries had unlocked 400 million barrels from emergency reserves, a figure that has not yet been fully drawn down.

The G7 release aims to temper global energy markets while diplomatic tensions continue over the war involving Iran and Israel.