G7 to release 100 million barrels of oil and fuel from strategic reserves
In short
G7 countries agreed to release up to 100 million barrels of oil and refined products from strategic reserves over four months, coordinated with the International Energy Agency, and plan to free “significant” volumes of diesel in the first 20 days. The move follows US pressure on France and Germany to tap emergency diesel reserves, with Washington threatening a diesel export ban if they refused, according to Reuters sources cited by the outlets. The documents differ on the price effect: Kommersant says the release merely redistributes existing reserves, while IEA head Fatih Birol said fuel prices were starting to fall.
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The Group of Seven agreed to release up to 100 million barrels of oil and refined products from strategic reserves over the next four months, in coordination with the International Energy Agency. French President Emmanuel Macron said in a post on X that the release would be carried out jointly with partners under IEA coordination, and Kommersant, citing the Élysée Palace press service, reported the decision followed a meeting between Macron and G7 leaders. Meduza, citing the leaders' joint declaration, reported that in the first 20 days the G7 and its partners intend to release “significant” volumes of diesel. [ 1 , 2 , 3 ]
The leaders also agreed to make production more flexible so that refineries can run at maximum capacity, to coordinate refinery maintenance schedules and not to introduce measures restricting trade in energy resources and refined products between partner countries, according to the outlets. Kommersant reported that the G7 asked the IEA to track the measures' effect on energy security and market stability and to deliver a report with recommendations within 20 days. The same outlet said the leaders condemned Iran's actions and called for the immediate and full restoration of shipping in the Strait of Hormuz. [ 1 , 2 , 3 ]
The decision followed US pressure on Europe. US Treasury Secretary Scott Bessent said on 1 October that European countries had obligations to supply diesel to the world market and should fulfil them immediately, Vedomosti reported. Reuters sources cited by Vedomosti, Kommersant and Meduza said the White House demanded that Germany and France draw on emergency diesel reserves and threatened to ban diesel exports if they refused. Vedomosti added that one source said Washington pressed the EU to release 120 million barrels of diesel over six months. [ 1 , 2 , 3 ]
Fuel prices rose because of the war between the United States and Israel and Iran, as well as the Russia-Ukraine war, and European countries have become more dependent on US fuel as a result, Meduza reported. Meduza also reported that US President Donald Trump is trying to lower fuel prices at home before midterm elections on 3 November. [ 3 ]
On the effect, Kommersant noted that releasing strategic reserves does not mean a sudden influx of new oil: the measure redistributes existing reserves and is expected to bring only limited relief in world prices while shortages persist. It compared the move with 11 March 2026, when IEA member countries agreed to put 400 million barrels of oil on the world market, about a third of their combined strategic reserves. Kommersant reported on 2 October that IEA head Fatih Birol said at a press conference in Istanbul that fuel prices were starting to fall. [ 2 , 4 ]
Why it matters
The G7 and IEA are drawing on strategic reserves to steady global diesel and oil prices, a step that touches fuel costs far beyond the countries involved. The decision also reflects open US pressure on European allies and G7 concern over shipping through the Strait of Hormuz, so it carries both economic and diplomatic weight.
Key facts
- G7 countries will release up to 100 million barrels of oil and refined products from strategic reserves over four months, coordinated by the International Energy Agency. [ 1 , 2 , 3 ]
- In the first 20 days, the G7 and its partners intend to release “significant” volumes of diesel. [ 3 ]
- The G7 asked the IEA to track the measures' effect on energy security and market stability and to provide a report with recommendations within 20 days. [ 2 ]
- G7 leaders condemned Iran's actions and called for the immediate and full restoration of shipping in the Strait of Hormuz, Kommersant reported. [ 2 ]
- US Treasury Secretary Scott Bessent said on 1 October that European countries had obligations to supply diesel to the world market and should fulfil them immediately. [ 1 ]
- IEA head Fatih Birol said fuel prices were starting to fall, speaking at a press conference in Istanbul. [ 4 ]
- On 11 March 2026, IEA member countries agreed to put 400 million barrels of oil on the world market, about a third of their combined strategic reserves. [ 2 ]
Confirmed by several sources
- G7 countries agreed to release up to 100 million barrels of oil and refined products from strategic reserves over four months in coordination with the International Energy Agency. [ 1 , 2 , 3 ]
- The G7 agreed to make refining production more flexible, to coordinate refinery maintenance and not to introduce measures restricting trade in energy resources and refined products between partner countries. [ 1 , 2 , 3 ]
- The United States demanded that France and Germany use emergency diesel reserves and threatened to ban diesel exports if they refused, according to Reuters sources cited by the outlets. [ 1 , 2 , 3 ]
Still unclear
- Where the G7 meeting took place and whether the leaders met in person. The documents describe a meeting between Macron and G7 leaders but give no location or format.
- The exact scale of US demands on Europe: Vedomosti cites a source saying Washington pressed the EU to release 120 million barrels of diesel over six months, which exceeds the 100 million barrels announced by the G7. The 120 million figure is single-source and the documents do not reconcile the two numbers.
- How much the release will lower prices. Kommersant says the measure redistributes existing reserves and brings only limited price relief while shortages persist, while Meduza and IEA head Fatih Birol point to prices already starting to fall.
- US domestic politics behind the decision. Only Meduza reports that US President Donald Trump is trying to lower fuel prices at home ahead of midterm elections on 3 November.
What local media are saying
Timeline, local time
- Vedomosti reports that the G7 will release up to 100 million barrels of oil and refined products from strategic reserves over four months, citing French President Emmanuel Macron and US Treasury Secretary Scott Bessent's 1 October remarks. [ 1 ]
- Kommersant, citing the Élysée Palace press service, reports the same G7 decision and adds the call for restoration of shipping in the Strait of Hormuz and the IEA monitoring mandate. [ 2 ]
- Meduza reports the decision from the leaders' joint declaration, including “significant” diesel volumes in the first 20 days. [ 3 ]
- Kommersant reports IEA head Fatih Birol saying at a press conference in Istanbul that fuel prices are starting to fall. [ 4 ]