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G7 agrees to coordinated 100 million barrel release to stabilise energy markets

The G7 reaffirmed its commitment not to impose restrictions on energy and energy-product exports between member countries and called on other producers to avoid bans that could add to market tensions

Neesha Salian
Neesha Salian

04 October, 2026

G7 agrees to coordinated 100 million barrel release to stabilise energy markets
Image: Getty Images/ For illustrative purposes

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Group of Seven leaders agreed to coordinate the release of 100 million barrels through the International Energy Agency over four months, including a substantial diesel release in the first 20 days, as they seek to stabilise energy markets and ease pressure from surging prices.

The release will begin immediately and include a substantial amount of diesel front-loaded within the first 20 days by G7 members and partners, according to a joint statement issued after a virtual meeting of leaders.

The G7 said it would also coordinate refinery maintenance schedules to avoid simultaneous shutdowns and temporarily raise utilisation rates where feasible. It encouraged countries with significant refining capacity to increase production of refined products, particularly diesel.

Leaders asked the IEA to monitor implementation of commitments made in March and said they would meet within the IEA framework in the coming days to consider further diesel releases if necessary.

The G7 also reaffirmed its commitment not to impose restrictions on energy and energy-product exports between member countries and called on other producers to avoid bans that could add to market tensions.

The IEA was asked to assess the impact of the measures on energy security and market stability and provide a follow-up report within 20 days, including recommendations on future responses and the replenishment of emergency stocks.

The leaders also condemned what they described as continued Iranian attacks against neighbouring countries and disruption to international trade and energy security, and called for the restoration of navigational rights and principles in the Strait of Hormuz.

They said they would intensify efforts towards that objective and commended the US for efforts to maintain the flow of commerce through the strait.

The G7 also said sanctions against Russia would remain in place while members worked with the IEA and other international partners to limit spillovers into fuel, gas and other commodity markets.

The measures come as global energy markets face sharp volatility and elevated fuel prices.

Read: UAE announces fuel prices: Here’s how much you will pay from October 1

In pictures: Sheikh Hamdan visits heroic flydubai pilot Smit Machchhar

Dubai Crown Prince praises Captain Smit Machchhar’s courage and says the flydubai pilot represents ‘what the UAE stands for’

Gareth van Zyl
Gareth van Zyl

03 October, 2026

In pictures: Sheikh Hamdan visits heroic flydubai pilot Smit Machchhar
Image: @HamdanMohammed/X

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has visited flydubai pilot Captain Smit Machchhar as he continues his recovery following the dramatic incident aboard flight FZ1073.

The Dubai Crown Prince, Deputy Prime Minister and Minister of Defence paid tribute to the Indian pilot on Saturday, October 3, praising his courage, sense of responsibility and commitment to protecting human life.

Sharing a series of photographs from the visit, Sheikh Hamdan said Machchhar had demonstrated “the highest degrees of courage, responsibility, and care for human life”. Gulf News

“From us, and from the leadership of the nation, he has our full appreciation and praise,” Sheikh Hamdan said.

Image: @HamdanMohammed/X

“We are proud that he is part of our team… part of the story of our nation… and part of what the UAE stands for… a nation of compassion… a nation of peace… and a nation of life.”

The visit comes after the UAE’s General Civil Aviation Authority praised Machchhar, the crew of flydubai flight FZ1073 and passengers who helped bring the situation aboard the aircraft under control.

Image: @HamdanMohammed/X

The GCAA said on Friday that Machchhar had returned safely to the UAE, was in good condition and was receiving medical treatment. It said the crew’s “decisive and swift intervention” helped prevent more serious consequences.

The UAE Attorney-General on Saturday also released further findings from the investigation, saying the co-pilot had attempted to carry out a terrorist act.

Read more: UAE says flydubai co-pilot used crash axe in attempted ‘terrorist act’

According to Counsellor Dr Hamad Saif Al Shamsi, the co-pilot attacked Machchhar inside the flight deck with a crash axe and attempted to take control of the aircraft’s flight controls.

Investigators are continuing to examine the circumstances and motives surrounding the incident, along with physical and digital evidence. The Attorney-General said final findings would be announced once the necessary procedures had been completed.

Image: @HamdanMohammed/X

Crude oil tanker struck by unknown projectile off Oman

The crude oil tanker was struck on its port side four nautical miles east of Oman on October 3, with all crew reported safe

Gareth van Zyl
Gareth van Zyl

03 October, 2026

Crude oil tanker struck by unknown projectile off Oman

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A crude oil tanker was struck by an unknown projectile off the coast of Oman on Saturday, according to the United Kingdom Maritime Trade Operations (UKMTO).

UKMTO said it received a report of the incident around four nautical miles east of Oman.

The master of the vessel reported that the tanker had been struck on its port side by an unidentified projectile.

“All crew are reported as safe and no environmental impact reported at present time,” UKMTO said in its warning.

Authorities are investigating the incident.

No further details have been released on the identity of the tanker, the extent of any damage or the origin of the projectile.

UKMTO classified the incident as an “attack” and advised vessels operating in the area to transit with caution and report any suspicious activity.

The incident comes amid heightened concern over maritime security in waters around Oman and the Strait of Hormuz, a strategically important route for global energy shipments.

UKMTO continues to monitor activity in the region and issue warnings to commercial vessels operating in affected waters.

Abu Dhabi-owned Manchester City appeals Premier League ruling

Manchester City has formally appealed an independent commission’s ruling over breaches of the Premier League’s financial rules, extending a years-long legal battle

Gareth van Zyl
Gareth van Zyl

03 October, 2026

Abu Dhabi-owned Manchester City appeals Premier League ruling
Manchester City has formally appealed an independent commission’s ruling over breaches of the Premier League’s financial rules. (Image: Getty)

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Abu Dhabi-owned Manchester City has formally appealed an independent commission ruling that found the club guilty of serious breaches of the Premier League’s financial rules.

The club confirmed it lodged what it described as a “comprehensive appeal” at 7pm on Thursday, October 1, escalating a years-long legal battle with the Premier League that could have significant financial and sporting consequences.

Manchester City is majority owned through Newton Investment and Development, an Abu Dhabi-registered company.

The commission found City guilty of all charges relating to breaches of the league’s financial rules over nine seasons from 2009-10 to 2017-18, as well as three out of four charges concerning failures to cooperate with the investigation.

Manchester City has consistently denied wrongdoing and is now seeking to overturn the ruling.

“The Club’s firm position is that, on multiple grounds, the opinion contains clear material errors, of law, principle and fact and is unsafe,” Manchester City said.

“The Club is innocent of the accusations made by the Premier League and a comprehensive body of irrefutable evidence exists in support of all of its positions, relating to this case.”

The Premier League confirmed that the club had lodged its appeal with the chair of the Judicial Panel.

“The independent Appeal Board hearing will remain private and confidential until publication of the outcome is permitted,” the league said.

What happens next in Manchester City case?

The appeal will be heard by an independent three-member Appeal Board.

Under Premier League rules, an appeal hearing should take place within 12 weeks of the appeal being lodged, with a decision due within 30 days of the hearing concluding.

It can dismiss the appeal, allow it, refer matters back to the commission for further consideration or alter any sanction or compensation order imposed.

A decision by the Appeal Board will be final, although the Premier League’s rules provide for a further arbitration process in limited circumstances.

Etihad rejects implications of ruling

The appeal comes days after Abu Dhabi-based Etihad Airways, one of Manchester City’s most prominent commercial partners, said it would seek legal advice over its options following the commission’s findings.

Read more: Etihad weighs legal options after Manchester City financial ruling

Etihad, which has been a commercial partner and sponsor of Manchester City since 2009, “categorically rejected” any suggestion that it had been involved in improper commercial arrangements.

The airline also criticised the way the findings had been communicated publicly, saying this had created “damaging implications for Etihad despite the airline not being named in the redacted published findings”.

Etihad said the Premier League had not approached or engaged with the airline during the process associated with the commission’s opinion.

The carrier nevertheless reiterated its commitment to Manchester City, saying it was “immensely proud” of the longstanding relationship and that its commitment to the club and its supporters remained strong.

Etihad said it would seek legal counsel on the options and recourse available to protect its interests.

UAE says flydubai co-pilot used crash axe in attempted ‘terrorist act’

Federal prosecutors say the co-pilot attacked the captain inside the cockpit and tried to seize the aircraft’s controls, as investigators continue to examine his motives and any possible links

Gareth van Zyl
Gareth van Zyl

03 October, 2026

UAE says flydubai co-pilot used crash axe in attempted ‘terrorist act’

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The co-pilot of flydubai flight FZ1073 attacked the aircraft’s captain with a crash axe and attempted to seize control of the plane in what UAE prosecutors have described as an attempted terrorist act.

Counsellor Dr Hamad Saif Al Shamsi, UAE Attorney-General, said on Saturday in an official statement that investigations into the September 30 incident had established that the co-pilot “attempted to carry out a terrorist act”.

According to the Attorney-General, the co-pilot began carrying out his plan while the aircraft was in flight, assaulting the captain inside the cockpit with a crash axe before attempting to take control of the aircraft’s flight controls.

The flight had departed Dubai International Airport for Tel Aviv before the incident forced it to divert to Tabuk Airport in Saudi Arabia, where it landed safely.

The latest announcement represents the clearest assessment yet from UAE authorities of the nature of the incident. When the UAE investigation was launched on October 1, prosecutors said they would examine whether the incident was connected to terrorist activity, involved prior planning or had been carried out under the direction of others.

Al Shamsi said the investigation was continuing to determine the full circumstances surrounding the incident, including the co-pilot’s motives and any associated links. Technical examinations and analysis of physical and digital evidence are also continuing, with final findings to be announced once the investigative process has been completed.

Meanwhile, the GCAA on Friday praised Indian captain Smit Machchhar, the crew and passengers who helped bring the situation under control. The regulator said the captain had returned safely to the UAE, was in good condition and was receiving medical treatment.

Flydubai has suspended flights to and from Israel while the investigation continues, saying the temporary measure would allow authorities to establish the full facts surrounding the incident.

100 million-barrel reserve release sends oil prices lower, IEA chief says

IEA chief Fatih Birol says oil prices have begun to fall after a coordinated decision to release 100 million barrels of oil and fuel reserves

Reuters
Reuters

02 October, 2026

100 million-barrel reserve release sends oil prices lower, IEA chief says

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Oil prices have started to fall after a decision to release 100 million barrels of oil and fuel reserves, International Energy Agency chief Fatih Birol said on Friday.

“We took a step today on diesel. We held a meeting with world leaders and announced that we would start releasing 100 million barrels of oil again,” Birol said. “Prices are starting to fall.”

“I hope this will be a beneficial step both for the world and for Turkey,” he added.

Birol was speaking in Istanbul at a press meeting titled “Financing the Transformation: Turkey on the Road to COP31”, hosted by Turkey’s Banks Association Chairman Alpaslan Cakar.

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G7 agrees to coordinated 100 million barrel release to stabilise energy markets