G7 Plans Up to 100 Million-Barrel Reserve Release

Oil prices eased as increased Middle Eastern shipments and a Group of Seven agreement to release up to 100 million barrels of crude and fuel from strategic reserves helped calm supply concerns amid the Iran war. The release is planned over four months, with substantial diesel volumes expected in the first 20 days; G7 members pledged not to restrict energy exports among themselves, and U.S. President Donald Trump said the United States would not pursue a diesel export ban. The U.S. contribution includes an offer of up to 40 million barrels of crude from the Strategic Petroleum Reserve through exchanges requiring companies to return the oil plus additional barrels, with deliveries scheduled for November and December 2026. The International Energy Agency said members had released about 325 million of the 400 million barrels pledged in March, and it was unclear whether the new G7 commitment included the outstanding 75 million barrels. Analysts said reserve releases could ease near-term diesel tightness and risk premiums, particularly in October and November, but the relief may be temporary because the oil comes from existing inventories and refining and production constraints remain; disrupted Strait of Hormuz shipping, energy-infrastructure attacks and refinery outages also pose risks, while reserve drawdowns leave countries less protected against future disruptions.