G7 agrees 100-million-barrel oil release, diesel first
G7 leaders agreed to release 100 million barrels of oil and fuel reserves through the IEA over four months, including a substantial early release of diesel, as fuel prices surge amid the Iran war. The move followed pressure from President D
FaithTap · Oct 2, 2026 · 1 min read
G7 countries agreed to release 100 million barrels of oil and fuel through the International Energy Agency over four months, with a substantial diesel release expected in the first 20 days. The move follows pressure from President Donald Trump as fuel prices surge amid disruptions linked to the Iran war; Trump had reportedly warned European allies that the United States could restrict diesel exports if they did not draw down their emergency stocks. The G7 has not specified how much of the release will be diesel or provided a schedule, leaving its likely effect on prices uncertain. Leaders also agreed to coordinate refinery maintenance, encourage higher production and avoid energy export restrictions among G7 members, while the IEA will assess whether further diesel releases are needed.