G7 Agrees to Release 100 Million Barrels of Oil and Diesel Through IEA Amid Rising Fuel Prices

G7 nations have agreed to release 100 million barrels of oil and fuel stocks through the IEA over four months, with diesel supplies frontloaded to address immediate market pressures.

G7 Announces 100 Million-Barrel Emergency Oil Release

The Group of Seven (G7) nations has agreed to coordinate the release of 100 million barrels of oil and other energy stocks through the International Energy Agency (IEA) over a four-month period.

The measure will begin immediately and is aimed at addressing tight energy supplies, volatile oil markets and rising fuel prices. A substantial portion of the release will focus on diesel during the first 20 days.

Diesel Supplies to Be Released at the Start

The G7 plan places particular emphasis on diesel because refined-product supplies have come under significant pressure.

G7 members and partner countries will frontload a substantial diesel release during the first 20 days. The group will also consult with the IEA about additional diesel releases if market conditions require further action.

The precise split between crude oil and diesel has not been publicly specified, but the overall coordinated release is set at 100 million barrels.

IEA to Monitor the Emergency Measures

The International Energy Agency has been asked to oversee and monitor the implementation of the measures.

The IEA will assess the impact of the stock releases on energy security and market stability. A follow-up report is expected within 20 days, including recommendations for future responses and replenishing emergency reserves.

IEA Executive Director Fatih Birol said the current pressure is particularly severe in diesel markets, with disruptions affecting refined-product flows.

G7 Seeks to Stabilise Fuel Markets

The coordinated release comes amid heightened volatility in global energy markets and elevated fuel prices.

G7 leaders said their measures are intended to strengthen immediate energy supplies and improve the resilience of energy markets. The group also agreed to closely monitor developments and adjust its response if necessary.

The decision follows earlier emergency stock releases coordinated through the IEA as countries respond to disruptions affecting global energy supplies.

Refineries to Coordinate Maintenance

The G7 has also agreed to coordinate refinery maintenance schedules to avoid multiple facilities being taken offline at the same time. Where possible, countries will temporarily increase refinery utilisation rates to support supplies of refined petroleum products.

The group has further encouraged countries with substantial refining capacity to increase production, particularly of diesel.

US Diesel Prices Reach Record Levels

The announcement comes as diesel prices in the United States have climbed sharply. According to AAA data cited in reports, the national average for diesel stood at $6.37 per gallon, after reaching a record $6.52 per gallon on September 22.

The elevated prices have increased pressure on governments to improve fuel availability and prevent further supply disruptions.

G7 Commits to Open Energy Trade

Alongside the emergency stock release, G7 countries reaffirmed their commitment to keeping energy trade open among member nations.

The group said it would refrain from imposing export restrictions on energy and energy products between G7 countries. It also called on other producers to avoid export bans that could further tighten global markets.

The commitment is intended to keep available supplies moving across international markets during a period of heightened volatility.

Strait of Hormuz Remains a Major Concern

The G7 also addressed disruptions affecting energy transportation through the Strait of Hormuz, a critical route for global oil and gas shipments.

Leaders called for the restoration of navigational rights and principles in the waterway and said they would strengthen efforts to maintain the free flow of commerce.

The IEA has identified the continuing impact of the Strait of Hormuz crisis as a major factor behind current energy-market pressures.

Russia Sanctions to Continue

The G7 said it would maintain sanctions against Russia while working with the IEA and other international partners to limit further effects on fuel, gas and other commodity markets.

The group is simultaneously seeking to increase short-term energy availability without removing its existing measures related to Russia.

G7 Energy Action Comes After Emergency Meeting

The decision was taken during a virtual G7 leaders' meeting chaired by French President Emmanuel Macron, whose country holds the group's rotating presidency in 2026.

The meeting focused on global energy security and market stability, with leaders discussing the pressure on diesel supplies and possible measures to ease market stress. The IEA's Fatih Birol also participated in the discussions.

What the 100 Million-Barrel Release Means

The G7's coordinated release is designed as an immediate response to tight fuel supplies and elevated energy-market volatility.

The frontloaded diesel release could provide additional supplies in the short term, while refinery coordination and continued open energy trade are intended to support market stability.

However, the longer-term impact will depend on how global supply conditions develop and whether disruptions affecting crude and refined-product flows persist.

Conclusion

The G7’s decision to coordinate the release of 100 million barrels through the IEA represents a major response to current fuel-market pressures. The frontloaded diesel supplies, refinery coordination and commitment to open energy trade are intended to strengthen near-term availability. The impact on fuel prices and energy markets will depend on how global supply disruptions and demand conditions evolve in the coming months.