The G7 countries have agreed on a coordinated release of 100 million barrels of oil and petroleum products from strategic reserves. The decision was taken following an emergency video conference of leaders on 2 October 2026.
The process will begin immediately and will last four months. Particular emphasis will be placed on diesel fuel: significant volumes are planned to be released in the first 20 days. The International Energy Agency (IEA) will handle coordination.
The agreement was a response to pressure from the administration of US President Donald Trump. Washington demanded that European countries increase diesel supplies to the market, threatening otherwise to ban exports of that fuel from the United States.
In a joint statement, the G7 confirmed its rejection of any restrictions on energy exports between the group's countries. This condition became key to lifting the American threat.
French President Emmanuel Macron, who chairs the G7, stressed the constructive nature of the talks. "The tone of the discussion was not threatening," he told journalists.
Trump himself reacted on the social network Truth Social: "Europe has just agreed to release a huge volume of its diesel fuel reserves. The process will begin immediately."
Rising diesel prices in the United States have become a political problem for Republicans ahead of the November midterm elections. The release of reserves is intended to ease pressure on consumers and the economy.
Macron also noted an agreement to make production more flexible so that refineries could operate at maximum capacity. Only time will tell how this will affect global prices in the long term.
