The Group of Seven (G7) nations agreed on October 2, 2026, to release 100 million barrels of crude oil and diesel from their strategic reserves over the next four months. The coordinated effort aims to control the global energy supply crisis and curb rising fuel prices worldwide.
The release, coordinated by the International Energy Agency (IEA), which coordinates global energy responses, will begin immediately. A significant volume of diesel is expected to enter the market within the first 20 days of the initiative.
Global Fuel Crisis Intensifies
This agreement comes amidst a severe global fuel supply crisis and unprecedented price increases, particularly for diesel. In the United States, the national average price for diesel stood at $6.37 per gallon on October 2, 2026, having reached a record high of $6.52 per gallon on September 22. European nations have also reported record-high diesel prices, reflecting the widespread impact of the crisis.
The surge in fuel costs is largely attributed to an eight-month-long Iran war and ongoing trade disputes, which have driven up the prices of oil and other commodities globally. The escalating prices have put considerable pressure on US President Donald Trump and his Republican Party ahead of the midterm elections scheduled for November 3.
Previous Interventions and Future Commitments
This is not the first time G7 and IEA members have intervened in the market to stabilize supplies. Earlier, on March 12, 2026, member nations of the International Energy Agency announced the release of 42.6 million barrels of oil and related products.
As part of the new agreement, G7 member nations have committed not to impose export restrictions on energy and energy-related products among themselves. They have also urged producer nations to refrain from implementing export bans that could further exacerbate market pressures and undermine global energy security.
While the agreement outlines the total volume of 100 million barrels, details regarding which specific G7 country will release what quantity of diesel or crude oil have not yet been made public.
