WASHINGTON, Oct 3 – The Group of Seven (G7) major industrial nations announced on Friday, October 2, 2026, that they will release 100 million barrels of crude oil and refined fuel products over the next four months to stabilize energy markets and combat record-high fuel prices.

The joint measure will be coordinated through the International Energy Agency (IEA) and features a frontloaded deployment, prioritizing a substantial release of diesel reserves within the first 20 days.

French President Emmanuel Macron presided over the emergency G7 videoconference meeting following discussions with US President Donald Trump, who confirmed that the release of diesel stocks would begin immediately.

Market Drivers and High Domestic Pressure

The decision follows sustained pressure on global energy markets caused by the eight-month-long conflict in Iran and ongoing international trade friction, which have constrained global fuel supplies and driven consumer costs higher.

Key economic and policy developments surrounding the release include:

Record Fuel Prices: US diesel prices reached an all-time high of $6.52 per gallon on September 22 before settling at $6.37 per gallon on Friday, according to AAA data.
Commitment Against Export Restrictions: G7 leaders reaffirmed their agreement to refrain from implementing domestic energy export bans or trade barriers between member nations, emphasizing open energy distribution to alleviate global market stress.
Domestic Political Climate: Surging energy prices have put heightened pressure on US political leadership ahead of the upcoming November 3 midterm elections, with low economic approval ratings prompting aggressive intervention to curb inflation.

The coordinated four-month reserve release aims to immediately ease localized supply deficits while bolstering energy market liquidity across member nations.

–NMT

Tags: Fuel Price G7