G7 to Release 100 Million Barrels of Oil and Diesel

October 2, 2026

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The Group of Seven nations have agreed to release up to 100 million barrels of oil and fuel products from emergency reserves as fuel prices continue to rise.

The move follows pressure from U.S. President Donald Trump, who had called on European countries to release diesel reserves to help ease rising prices.

Trump said Friday that Europe had agreed to release a “massive amount” of diesel oil and that the process would begin immediately.

G7 Agrees to Release Diesel and Oil Reserves

G7 leaders agreed to coordinate the release through the International Energy Agency (IEA).

The plan will run for four months, with a substantial amount of diesel expected to be released within the first 20 days. The G7 did not initially provide a detailed breakdown of how much would come from crude oil, diesel or other petroleum products.

French President Emmanuel Macron, who chaired the G7 meeting, said the countries would work together to help bring down petroleum product prices, particularly diesel.

Trump Calls for Immediate Diesel Reserve Release

Trump announced the European diesel move on social media without initially giving details on which countries would release reserves or the volumes involved.

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump wrote.

The announcement came as diesel prices in the United States and other markets have risen sharply.

Diesel Prices Put Pressure on Governments

The U.S. national average for diesel reached $6.37 per gallon on Friday, according to AAA, after reaching a record $6.52 on September 22.

Higher fuel prices have increased pressure on governments and consumers, while the ongoing conflict involving Iran has disrupted global energy markets.

Trump has repeatedly said fuel prices should decline once the war ends.

G7 Countries Coordinate Energy Response

The G7 agreement also includes a commitment to avoid restrictions on the exchange of energy and petroleum products between partner countries.

Macron said G7 members would release their strategic reserves while also making production more flexible so refineries can operate at maximum capacity.

The International Energy Agency will coordinate the release.

The G7 leaders also said they would consider additional diesel releases if necessary in the coming days.