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
04 October, 2026
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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.
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