G7 agrees to release 100 million barrels from emergency stocks through IEA
In short
G7 leaders agreed on Friday to a coordinated release of 100 million barrels of oil and diesel from emergency stocks through the International Energy Agency, starting immediately over four months, with a front-loaded diesel release within the first 20 days. US President Donald Trump said on social media that Europe had agreed to release what he called a massive amount of its diesel and that the process would begin immediately. The announcement followed a videoconference chaired by French President Emmanuel Macron, whose office published the joint statement; Brent crude fell 1.48 per cent to $100.8 a barrel after the news.
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G7 leaders agreed on Friday to a coordinated release of 100 million barrels from emergency oil and diesel stocks through the International Energy Agency, to begin immediately over four months, according to a joint statement issued by the office of French President Emmanuel Macron. The statement, quoted by WAM and The National, said the plan includes a “front-loaded substantial diesel release within the first 20 days” by G7 members and partners. WAM reported that the official statement confirms the 100 million barrels are not all diesel and cover emergency energy stocks, while the Élysée separately described the measure as a release of strategic diesel and crude oil stocks of up to 100 million barrels. [ 2 , 4 ]
Minutes before the statement was released, US President Donald Trump said in a social media post that Europe had “just agreed to release a massive amount of their heavily stocked diesel oil”, adding that the process would begin immediately, according to Gulf News and The National. Gulf News reported that Trump had spoken overnight with Macron, the chair of the G7, about rising fuel prices and the availability of petroleum products, citing the French Embassy in the United States, and that Macron then chaired a videoconference of G7 leaders. France holds the rotating G7 presidency. [ 1 , 2 ]
The release follows record diesel prices. Gulf News reported the US national average for a gallon of diesel was $6.37 on Friday, according to AAA, after hitting a record $6.52 on September 22. The National said US diesel prices hit $6.50 a gallon last week, nearly $3 higher than a year earlier, and that European diesel reached a record €2.24 a litre compared with €1.59 before the Iran war began on February 28. Forbes Middle East said retail diesel prices jumped nearly 70 per cent from a year earlier to a record above $6.50 a gallon, and that Trump has repeatedly threatened to ban or restrict US diesel exports. [ 1 , 2 , 3 ]
Oil prices softened after the announcement. The National reported Brent crude trading 1.48 per cent lower at $100.8 a barrel and West Texas Intermediate 2.66 per cent lower at $90.40 a barrel. It also cited data from intelligence firm Kpler showing oil flows through the Strait of Hormuz rising to near prewar levels, with at least 16.5 million barrels per day leaving the Middle East in September. Macron said after the call that “oil shipment figures have improved in recent days” and that about three-quarters of prewar volumes were moving. [ 2 ]
The leaders also condemned Iran's attacks against its neighbours in the region and reaffirmed they would maintain sanctions against Russia, The National reported. Gulf News said the surge in US prices has been driven by the Iran war and Trump's trade battles, and that the president faces pressure over prices ahead of November's midterm elections. The statement said the G7 acted “to address the deepening challenges to our energy security” and “unprecedented volatility in oil markets”, according to Forbes Middle East, which described the release as equal to about one day's worth of global oil demand, citing The New York Times. [ 1 , 2 , 3 ]
Why it matters
The release is coordinated through the IEA, the body that marshals member emergency stocks, so it reaches oil and fuel markets well beyond the G7 themselves. Documents tie the move to record diesel prices in the United States and Europe and to political pressure on Trump before November's midterm elections. The National reported that oil prices softened after the announcement and that ship flows through the Strait of Hormuz had risen to near prewar levels.
Key facts
- G7 members agreed to a coordinated release of 100 million barrels from emergency oil and diesel stocks through the International Energy Agency, to begin immediately over four months, including a front-loaded substantial diesel release within the first 20 days. [ 2 , 3 , 4 ]
- The official joint statement, published by the office of French President Emmanuel Macron, confirmed the 100 million barrels are not all diesel and cover emergency energy stocks. [ 4 ]
- Trump said in a social media post that Europe had “just agreed to release a massive amount of their heavily stocked diesel oil” and that the process would begin immediately. [ 1 , 2 ]
- Macron chaired a videoconference of G7 leaders on Friday to discuss fuel prices; France holds the rotating G7 presidency. [ 1 , 2 ]
- Forbes Middle East listed the G7 members as the United States, France, Italy, Germany, Japan, the United Kingdom and Canada, and said the release equals about one day’s worth of global oil demand, citing The New York Times. [ 3 ]
- Diesel prices in the US reached a record above $6.50 per gallon, according to the documents, while European diesel hit a record €2.24 per litre compared with €1.59 before the Iran war began on February 28. [ 1 , 2 , 3 ]
- The National reported Brent crude trading 1.48 per cent lower at $100.8 a barrel and West Texas Intermediate 2.66 per cent lower at $90.40 a barrel after the announcement. [ 2 ]
- Leaders also condemned Iran's attacks against its neighbours in the region and reaffirmed they would maintain sanctions against Russia. [ 2 ]
Confirmed by several sources
- G7 members agreed a coordinated IEA release of 100 million barrels over four months with a front-loaded diesel component in the first 20 days. [ 2 , 3 , 4 ]
- The agreement was announced on Friday after a G7 leaders' videoconference chaired by Macron, with France holding the G7 presidency. [ 1 , 2 ]
- Trump publicly stated that Europe had agreed to release its diesel stocks and that the process would start immediately. [ 1 , 2 ]
- Diesel prices have risen to record levels in the United States and Europe. [ 1 , 2 , 3 ]
Still unclear
- The split between diesel and crude oil within the 100 million barrels. WAM reported that the official statement confirms the 100 million barrels are not all diesel and cover emergency energy stocks, while Gulf News, The National and Forbes Middle East describe the measure largely as a diesel release.
- The precise US diesel price level and timing of the record. Gulf News cited a national average of $6.37 a gallon on Friday after a record $6.52 on September 22; The National said prices hit $6.50 last week; Forbes Middle East said more than $6.50 last month, up nearly 70 per cent from a year earlier.
- Whether the United States will ban or restrict diesel exports. Only Forbes Middle East reported that Trump has repeatedly threatened to ban or restrict exports, and the report carries no confirmation that such a step has been taken.
- The start date and duration of the Iran war. The National said the Iran war began on February 28 and described it as eight months old as of the announcement; no other document gives the start date.
What local media are saying
Timeline, local time
- Gulf News reports Trump's social media announcement that Europe agreed to release its diesel stocks and that the process begins immediately, and the G7 agreement to release 100 million barrels via the IEA. [ 1 ]
- The National reports the joint leaders' statement, the four-month schedule with a front-loaded diesel release in 20 days, and lower Brent and WTI prices after the announcement. [ 2 ]
- Forbes Middle East reports the release as a breaking story, listing the seven members and Trump's threat to restrict US diesel exports. [ 3 ]
- WAM publishes the joint statement text, confirming the 100 million barrels are not all diesel and cover emergency energy stocks. [ 4 ]