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The Group of Seven has agreed to release 100 million barrels of crude oil, diesel and other petroleum products from emergency reserves over four months in an effort to stabilize global energy markets, following pressure from the United States, according to a joint G7 statement.
The decision was made on October 2 during a videoconference of G7 leaders chaired by French President Emmanuel Macron. France had pushed for a coordinated release after Washington urged European countries to draw down their emergency diesel stocks. The Trump administration had also threatened a possible ban on U.S. diesel exports if European countries did not increase supplies.
The release will begin immediately and continue for four months through the International Energy Agency. A substantial share of the diesel reserves will be released during the first 20 days by G7 members and partner countries. The joint statement did not specify how the 100 million barrels would be divided between crude oil, diesel and other products or identify the exact contributions of individual countries.
Macron said G7 countries had agreed to release their strategic reserves with a focus on diesel and pledged not to impose export restrictions on energy products between member states. The agreement also calls on other countries to avoid such restrictions.
The agreement followed an overnight conversation between Macron and Trump. Trump later announced on Truth Social that Europe had agreed to release a “massive amount” of diesel from its reserves and that the process would begin immediately.
The move comes as diesel and crude prices have risen sharply amid disruptions to energy supplies linked to the war involving Iran, damage to refining capacity and restrictions on fuel exports. Reuters reported that U.S. diesel futures fell more than 4% while European diesel futures also declined after news of the planned reserve releases.
European diesel prices fell by around 8% during Friday’s session, according to El País. The newspaper reported that the European share of the proposed release could amount to roughly 50 million barrels, although the G7 statement did not officially provide a country-by-country breakdown.
The G7's latest action follows a much larger coordinated emergency release announced in March, when IEA member countries agreed to make 400 million barrels available. According to IEA Executive Director Fatih Birol, about two-thirds of that volume has since been released.
