G7 to release 100 million barrels from oil reserves

PARIS

The Group of Seven (G7) agreed on Oct. 2 to release 100 million barrels of crude oil and fuel from emergency reserves over four months to ease rising energy prices.

French President Emmanuel Macron announced the agreement following a virtual meeting of G7 leaders.

The release will begin immediately under International Energy Agency (IEA) coordination, with substantial diesel supplies to reach the market within the first 20 days.

U.S. President Donald Trump said on Truth Social that Europe had agreed to release a “massive amount” of diesel from its stocks.

“The process will begin immediately,” he wrote.

The agreement followed pressure from Washington on European countries to release reserves, with Trump raising the prospect of restrictions on U.S. diesel exports to help lower domestic fuel prices.

Before the announcement, European Commission spokeswoman Anna-Kaisa Itkonen warned that an export ban would damage relations with Washington.

“A ban would not be beneficial to anyone. It would undermine our trust in the United States as a reliable partner,” she told reporters in Brussels.

Itkonen said the EU was ready to coordinate action through the IEA, which would organize any release of reserves.

In their joint statement, G7 leaders reaffirmed their commitment to avoid restrictions on energy exports between member countries and urged other producers to refrain from bans that could worsen market pressures.

They also agreed to coordinate refinery maintenance to prevent simultaneous shutdowns and temporarily increase production where possible.

The group will discuss possible additional diesel releases through the IEA in the coming days.