Coordinated Release of Petroleum and Diesel Stocks by G7 Countries (October 2026)

G7 Coordinated Release of Petroleum and Diesel Stocks (October 2026) is a coordinated stock release decision adopted by G7 leaders following a virtual meeting chaired by French President Emmanuel Macron on 2 October 2026, aimed at supporting global energy security and stability in petroleum markets. The G7 countries have agreed through the International Energy Agency (IEA) to release 100 million barrels of crude oil and petroleum products over four months. Under the plan, a significant portion of diesel fuel will be brought forward to the market within the first 20 days, export restrictions on energy and energy products among G7 countries will be avoided, and refinery maintenance schedules across G7 nations will be coordinated.^【1】

The decision was taken amid ongoing impacts of the US-Iran war and the Russia-Ukraine war on global fuel supplies and rising prices for crude oil and diesel. Prior to the meeting, the US administration had urged European countries to release emergency diesel stocks into the market; the possibility of the US imposing export restrictions on diesel was also raised.^【2】 In the US, diesel prices reached record levels in September 2026, while in Europe diesel prices also hit record highs.^【3】

This decision encompasses joint actions by G7 countries to intervene in global fuel supply constraints through coordinated use of strategic petroleum and petroleum product stocks.^【4】

The war launched by the US and Israel against Iran on 28 February 2026 has entered its eighth month as of 2 October 2026. The conflict has disrupted crude oil and refined product flows from the Middle East, brought energy exports from the Gulf close to a standstill, and imposed restrictions on maritime traffic through the Strait of Hormuz.^{【5】 【6】}

Russia banned diesel exports following unmanned aerial vehicle attacks on Ukrainian refineries and extended the ban until the end of October 2026. It has been alleged that Trump pressured Ukraine in the week before 2 October 2026 to halt attacks on Russian diesel facilities.^{【7】 【8】}

A White House official stated on 1 October 2026: “We are experiencing diesel shortages because we have lost exports from Russia… We have also lost some diesel exports from the Middle East, but we are replacing them, and we have lost diesel exports from China. So there is significant disruption. However, US refineries are operating at record levels.” The same official noted that new supply announcements from Europe would help lower prices.^【9】

According to data from the American Automobile Association (AAA), the average price per gallon of diesel in the US exceeded $6 for the first time in September 2026.^【10】 The average price reached a record high on 22 September 2026.

According to European Commission data, the average diesel price in Europe reached an all-time high of €2.24 per litre (or $9.56 per gallon).^【11】 The Commission’s data indicated that 12 EU member states, including Italy, Belgium, Romania and Poland, recorded new all-time highs.^【12】 According to Intercontinental Exchange data, Europe’s benchmark diesel prices have more than doubled since the war began at the end of February 2026.^【13】 US diesel stocks fell to a record low of 107.9 million barrels as of 11 September 2026.^【14】

Member countries of the International Energy Agency (IEA) decided in March 2026 to release petroleum and petroleum products from emergency reserves in response to supply disruptions caused by the war in Iran. The volume involved was 400 million barrels^【15】. This was the largest emergency oil stock release in history.^【16】 The decision was adopted by all 32 IEA member countries.^【17】

The US is the world’s largest diesel exporter and Europe is its largest importer.^【18】 According to IEA data, the US supplied approximately half of the EU’s diesel imports in August 2026.^【19】

In the final week of September 2026, Trump raised the possibility of imposing an export ban on diesel, a move opposed by the US petroleum industry and business community. Trump later stepped back from the export ban proposal, citing potential impacts on gasoline prices. Some Republicans in the US have called on the Trump administration to ban diesel exports.

On 2 October 2026, when asked whether the option of export restrictions was still under consideration due to rising diesel prices, Trump stated that the US would “do what needs to be done.” On the same day, responding to journalists’ questions about an export ban, Trump said, “We would never do this,” “We will not implement an export ban,” and “We will do what needs to be done.” He also noted that Europe had made a “major global contribution” and that the US had done the same.^【20】

It has been reported that Trump pressured European countries, including Germany and France, to release their diesel stocks into the market, while European officials responded cautiously to these demands.^【21】 Washington had previously requested individual countries to release emergency diesel stocks and warned that failure to do so could result in US diesel export restrictions.^【22】

US Treasury Secretary Scott Bessent said on 1 October 2026 in a social media post that European partners must accelerate delivery of their existing commitments and immediately bring additional supply to market to address ongoing disruptions.

On the same day, Trump told journalists that the administration might request European countries to release their diesel stocks into the market. US Trade Representative Jamieson Greer said he believed France, Germany and Italy would strongly prefer to work cooperatively with the US on how to deliver more diesel to the market. US Energy Secretary Wright told Fox News: “Now is the time to coordinate the release of diesel stocks as we enter the harvest season and demand for heating fuels rises. We need to bring more diesel to market now.”^【23】

Wright also stated he was “extremely confident” that releasing European emergency diesel inventories could help reduce global prices. Bessent and Wright called on European countries to release diesel stocks during the same week.

An EU government official disclosed that on 1 October 2026, the US administration sent a proposal to EU leaders requesting the release of 120 million barrels of diesel from national strategic reserves within 180 days.^【24】

On 1 October 2026, France, Germany, Italy, Ireland and the United Kingdom met with the European Commission and agreed to respond to the US with a “united voice”. On 2 October 2026, the EU energy task force composed of 27 member states reconvened with the European Commission to discuss how to respond to Washington’s demands. European officials held crisis talks on the same day. The European Commission rejected the US stance, which it characterized as “threats” to compel European countries into action. The EU fully rejected the threat of an export ban.^【25】

Officials familiar with the meeting reported that EU leaders discussed a proposal put forward by France. Under the proposal, European countries would release 50 million barrels of diesel and IEA members would release 50 million barrels of crude oil. EU countries agreed during emergency Friday meetings that any additional diesel releases must include a commitment from the US to avoid a unilateral diesel export ban.^【26】

The virtual meeting of G7 leaders was held on 2 October 2026 under Macron’s chairmanship. France issued a joint statement following the meeting. A White House official said Trump participated in the G7 meeting by phone to negotiate the release of European diesel stocks. The same official confirmed that Trump had spoken with Macron on the evening of 1 October 2026.^【27】

The US Embassy in France stated that Trump and Macron had discussed overnight the need to address rising fuel prices and the availability of petroleum products, and that Macron chaired the G7 videoconference on Friday.

Shortly before the G7 statement, Trump posted on Truth Social: “Europe has agreed to release a large portion of its high diesel stocks. The process will begin immediately.”^【28】 Trump made this post on Friday, 2 October 2026, stating that the diesel release would occur “immediately”.

The sections of the statement are as follows.

“Today, as G7 Leaders, we held a virtual meeting to address deepening challenges to our energy security. In the face of unprecedented volatility in petroleum markets — where rising prices threaten economic stability and the well-being of our citizens — we have agreed on determined and coordinated measures to stabilize immediate energy supply, protect households and businesses from price shocks, and strengthen the long-term resilience of global energy systems.”

“We will coordinate refinery maintenance schedules across the G7 to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where possible. We also encourage communication with major refining capacity countries to boost global production of refined products, particularly diesel, in light of ongoing market pressures. The G7 calls on the IEA to monitor the immediate and full implementation of its March 2026 commitments. In this context, we will fulfill our commitments through a coordinated release of 100 million barrels (MB) over four months via the IEA, beginning immediately and including a significant front-loaded diesel release by G7 members and partners within the first 20 days. We will meet within the IEA framework in the coming days to discuss the possibility of additional diesel releases if needed.”

Measures to increase refinery output and a commitment not to impose restrictions on energy and petroleum product trade among G7 partner countries are also included in the package.

“We reaffirm our commitment to avoid export restrictions on energy and energy products among G7 countries. We call on all producers to refrain from implementing bans that could further worsen market tensions.”

“We invite the IEA to monitor the impact of these measures on energy security and market stability and to track implementation of commitments. A follow-up report with actionable recommendations for future interventions, including replenishment of stocks, must be submitted within 20 days.”

“We condemn Iran’s ongoing attacks against its regional neighbors and its efforts to disrupt international trade, energy security and the global economy. We call for the immediate and full restoration of freedom of navigation and principles in the Strait of Hormuz and reaffirm our determination to intensify our joint efforts toward this goal. We commend the US for its efforts to ensure the free flow of trade through the Strait of Hormuz.”

“We will continue sanctions against Russia. At the same time, we will work with the International Energy Agency (IEA) and our global partners to prevent the negative impacts on fuel, gas and other commodity markets from spreading further.”

“The concerns of our citizens regarding energy prices remain our top priority. We will closely monitor developments and stand ready to adjust measures as needed. Today’s agreements represent a step toward a safer, more transparent and more resilient energy future.”^【29】

French President Emmanuel Macron, in his statement on the G7 decision, said: “This joint decision and this unity must bring prices down. The volumes we release into the market must also add liquidity and reduce prices.”

Macron announced that G7 countries would release up to 100 million barrels of diesel and crude oil and exclude export bans.

If the 100 million barrels are released evenly over four months, this equates to approximately 830,000 barrels per day. The impact of the release will depend on how quickly countries bring their stocks to market and how much of the crude oil is ultimately converted into diesel.