The Group of Seven (G7) comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, has agreed to release 100 million barrels (mbl) of crude oil and diesel from emergency reserves through the IEA over the coming months, as part of efforts to ease surging energy prices (G7 announcement, 02/10/2026).
Under the agreement, G7 countries will coordinate refinery maintenance schedules to avoid simultaneous capacity outages and, where possible, temporarily raise refinery utilisation rates. The G7 is also calling for engagement with countries that have substantial refining capacity in order to increase global refined product output, with a particular focus on diesel amid continued pressure in this market.
“We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions”, added the Group, while the US, the world’s largest exporter, was lately mulling a potential ban on diesel. The US and Israel’s war on Iran, alongside Russia’s war on Ukraine, has contributed to a sharp increase in global oil and diesel prices.
“We will implement our commitments with a coordinated release through the IEA of 100 mbl to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners. We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary”, said the press release.
In March 2026, IEA members agreed to make 400 mbl of oil available from emergency reserves in response to supply disruptions caused by the war in the Middle East. So far, approximately 325 mbl of the IEA collective action announced in March have been released, accounting for more than 80% of the 400 mbl initially pledged (IEA press release, 02/10/2026).