G7 agrees 100 million-barrel oil release, with diesel supplies first

G7 leaders agreed on 2 October to release 100 million barrels from emergency oil stocks through the International Energy Agency over four months, beginning immediately, as high fuel prices put pressure on households and businesses. Meeting by video under France's presidency, they said a substantial diesel release would come in the first 20 days. The announcement sets a timetable for action, but does not say how much each country will contribute or how the total will be divided among fuels.

The agreement turns discussions about using emergency diesel stocks into a formal G7 commitment. Britain had previously been in talks with European allies about a release. The leaders now say the IEA will coordinate the drawdown and monitor its effect on energy security and market stability. Their statement describes lower price pressure as a goal; it does not establish that the release has already reduced pump prices.

How the G7 plans to release the reserves

The leaders' statement calls for the coordinated release to begin immediately and run over four months. G7 members and partners are to bring forward a substantial amount of diesel within the first 20 days. Although the overall figure is 100 million barrels, the statement gives no country-by-country schedule or volume for diesel, crude oil or other products. Those details matter for judging when additional fuel may reach individual markets.

The G7 also asked the IEA to monitor implementation of commitments made in March. Its statement says the agency should assess the effect of the current measures on energy security and market stability, then deliver a follow-up report before 20 days have passed. That report is meant to include recommendations for future responses, including replenishing stocks drawn down during the intervention.

Why diesel is central to the G7 decision

The immediate focus on diesel comes amid acute pressure on fuel costs. The Guardian reported that average diesel prices at UK forecourts reached £2 a litre on 2 October. Simon Williams, head of policy at the RAC motoring group, called it ‘a pump price threshold that no one wanted to cross’. The Guardian also reported that Brent crude traded just above $100 a barrel, against about $72 before the Iran war began.

Europe's exposure extends beyond prices at filling stations. According to the Guardian, European refineries produce about 70% of the diesel consumed in Europe, leaving imports to meet the rest. The paper reported analysts' concern that competition for available diesel cargoes could drive prices higher. That dependence helps explain why the leaders paired a stock release with measures aimed at refinery output and cross-border trade.

The G7 agreed to coordinate refinery maintenance so plants do not shut capacity at the same time, and to raise utilisation temporarily where feasible. It also encouraged countries with significant refining capacity to increase production of refined fuels, particularly diesel. These are commitments and requests in the statement; it does not quantify how much additional diesel the refinery measures might produce.

The leaders reaffirmed their commitment to avoid restrictions on energy exports between G7 countries and urged other producers not to impose bans that could worsen market tensions. The Guardian reported that the White House had pressed European governments to release emergency supplies while President Donald Trump considered halting US diesel exports to lower domestic prices. After the video meeting, France's president Emmanuel Macron said the G7 members were committed to avoiding export bans.

What the earlier IEA release shows

The IEA's March announcement provides the precedent for the new decision. At that time, its 32 member countries unanimously agreed to make 400 million barrels of emergency oil stocks available to the market. The agency called it the largest coordinated stock release in its history. That figure describes the earlier commitment; the cited announcement does not establish how much of it was ultimately delivered.

The IEA said in March that the Middle East conflict, which began on 28 February, had impeded oil flows through the Strait of Hormuz. An average of 20 million barrels of crude and oil products crossed the strait each day in 2025, about a quarter of global seaborne oil trade, according to the agency. It said its members then held more than 1.2 billion barrels in emergency stocks, alongside 600 million barrels of industry stocks held under government obligation.

The new G7 plan therefore adds a timetable and an early diesel focus to the response to disrupted energy markets. Whether it eases prices remains open. The next concrete checks are the first 20 days of the planned release, the IEA's implementation and impact report, and the leaders' discussion of any further diesel supplies.