The G7 agreed on Friday, October 2, 2026, to coordinate the release of up to 100 million barrels of oil and diesel through the International Energy Agency over four months, with a substantial diesel release planned within the first 20 days to relieve global fuel pressures.
The agreement followed a virtual meeting chaired by French President Emmanuel Macron as governments confronted sharp energy-market volatility and rising fuel costs. The plan incorporates commitments already made by G7 members and partners, rather than representing an entirely new reserve pledge. The IEA will monitor how countries carry out the release and is expected to provide a follow-up report within 20 days, including recommendations on future action and replenishing emergency stocks.
G7 leaders also agreed to coordinate refinery maintenance so that plants do not shut simultaneously and to increase refinery use temporarily where possible. They urged countries with significant refining capacity to produce more refined fuels, particularly diesel, which has faced especially strong market pressure. The countries reaffirmed that they would not restrict energy exports among G7 members, but the immediate impact on prices remains uncertain because the release will be spread over several months.