On Oct. 2, 2026, G7 leaders agreed to release 100 million barrels of crude oil and refined fuel from emergency stocks over four months, after the Trump administration threatened to ban US diesel exports if Europe did not tap its reserves.
The release, coordinated through the International Energy Agency, begins immediately and includes “a frontloaded substantial diesel release within the first 20 days,” according to the leaders’ statement. President Trump announced the deal on Truth Social.
The statement does not say how much of the 100 million barrels will be diesel. France had proposed that Europe release 50 million barrels of diesel and IEA members 50 million barrels of crude, diplomats told the Financial Times and Reuters.
The leaders also agreed to coordinate refinery maintenance and to refrain from energy export restrictions between G7 countries. European diesel futures fell 8% to $1,337.75 a tonne, the FT reported.
It is the second emergency release this year. In March, IEA members agreed to release 400 million barrels after the Iran war disrupted Gulf supplies. IEA chief Fatih Birol has said some European countries have not yet met their March commitments.
US diesel averaged $6.37 a gallon on Friday, according to AAA, up 70% since late February. A Kpler analyst told Euronews that releasing stocks erodes “an important buffer,” and that rebuilding them depends on more exports from the Middle East.
G7 members will meet through the IEA in the coming days to discuss further diesel releases.
Sources
- G7 Leaders’ statement on global energy security and market stability, Oct. 2, 2026
- Financial Times via The Irish Times, “G7 to release 100m barrels of diesel and crude under pressure from Trump,” Oct. 2, 2026
- NBC News, “G7 countries to release up to 100 million barrels of diesel and crude oil reserves,” Oct. 2, 2026
- CNBC, “G7 nations to release diesel stocks as wars in Europe and Middle East constrain fuel supplies,” Oct. 2, 2026
- Al Jazeera, “Trump vs Europe as US presses for release of emergency diesel stocks,” Oct. 2, 2026
- Euronews, “Can releasing more of Europe’s emergency reserves bring diesel prices down?,” Oct. 2, 2026
Filed under: G7; International Energy Agency