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G7 Agrees to Release 100 Million Barrels of Oil and Diesel
Confirmed
In Short: The Group of Seven nations plan to release 100 million barrels of oil and fuel products, starting with diesel within the next 20 days.
The Group of Seven (G7) nations, including the United States, Canada, France, Italy, Germany, Britain, and Japan, have agreed to release 100 million barrels of oil and fuel products over the next four months to address rising energy prices.
U.S. President Donald Trump emphasized the immediate release of diesel, stating that it would begin within the next 20 days. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, after hitting a record $6.52 on September 22.
French President Emmanuel Macron confirmed that the release would be coordinated through the International Energy Agency (IEA), with an emphasis on diesel. The IEA had previously coordinated a 400-million-barrel emergency release in March.
European countries had discussed releasing 50 million barrels of diesel, while IEA members would supply another 50 million barrels of crude. The IEA's March release saw about two-thirds of the barrels released so far.
Diesel’s premium over crude fell to roughly $69 per barrel from $76.77 on Thursday, indicating some market relief. European diesel futures have traded above $200 per barrel, reflecting the tight supply.
The decision comes as retail diesel prices climbed to record highs in Canada, reaching up to $2.75 per litre, which triggered truckers' protests across the country.
The G7 nations also said they will make a “substantial diesel release” within 20 days and will convene in the coming week to discuss whether additional diesel releases will be necessary.
The G7 nations agreed not to limit energy exports to each other, despite some Republicans in the U.S. calling for a ban on U.S. exports of diesel.
The IEA's September 2026 market report suggests that diesel accounts for around 30 per cent of global oil demand, and supplies have been severely impacted due to military strikes on oil refinery infrastructure in the Middle East and Russia.
Gas and energy analysts told Newsweek that the release could provide some relief for consumers, though the effect may be modest. Patrick De Haan, head of petroleum analysis at GasBuddy, noted that markets were already responding to the announcement, with oil, gasoline, and diesel futures moving lower.
What this adds
The G7 nations did not specify how much of the release will be diesel and how much will be crude oil.
The IEA's September 2026 market report is a new addition to the facts, providing context on diesel's role in global oil demand.
What's confirmed
- The national average for a gallon of diesel in the U.S. was US$6.37 on Friday, according to AAA, after hitting a record $6.52 on Sept. 22.
- “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately,” Trump wrote on Truth Social.
What's still developing
- Besides his call with Macron, Trump on Friday called in to the meeting with the G7 leaders to negotiate the release of the European diesel stockpiles, according to a White House official who was not authorized to speak publicly and spoke on the condition of anonymity.
- G7 Moves to Release 100 Million Barrels to Counter Diesel Crisis Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
- There is plenty for these reserve barrels to work on.
- Middle Eastern refinery outages, Russian refinery damage, and export restrictions have removed millions of barrels of product supply, and Chinese refiners have suspended October fuel exports to preserve domestic stocks.
- Please try again However, the statement did not specify how much of the release will be diesel and how much will be crude oil.
- The announcement comes one day after Reuters reported that the Trump administration had warned Germany and France to draw down emergency diesel inventories or potentially face restrictions on U.S. diesel exports, escalating pressure on European governments struggling with the same tight fuel markets affecting American consumers.