The Group of Seven (G7) nations and their partners are set to release up to 100 million barrels of emergency oil and diesel stocks over the next four months, in a coordinated move to ease surging global fuel prices. The release will be managed through the International Energy Agency (IEA), French President Emmanuel Macron confirmed during a briefing on Friday, 3 October 2026.

What Was Announced

Macron, whose country currently holds the G7 presidency, said the intervention was specifically designed to trigger a fall in fuel prices, with a particular focus on tightening diesel supplies. European diesel prices and Brent crude futures declined following the announcement, reflecting market expectations that additional supply could ease pressure on energy markets.

A subsequent G7 statement indicated that the latest 100 million-barrel release could include some volumes that were pledged but not yet delivered under an earlier March initiative, when the IEA coordinated the release of 400 million barrels from strategic reserves following the outbreak of the Iran war.

The Role of US Pressure

The decision came amid pressure from the administration of US President Donald Trump, which had raised the possibility of a diesel-export ban if European countries did not accelerate the release of additional supplies. Such a measure could have significantly strained Europe, which relies heavily on imported diesel to offset a shortfall in domestic refinery output.

Trump had also previously criticised European partners for what he described as a slow pace in honouring pledges made under the March initiative. He welcomed the latest move in a social media post on Friday, saying Europe had agreed to release a large amount of diesel from its stocks and that the process would begin immediately.

Commitments Beyond Volumes

Macron confirmed that G7 members had agreed to release strategic reserves in previously discussed proportions, with diesel receiving particular attention. He added that the member countries had also committed to keeping fuel exports flowing and avoiding any export restrictions — a signal aimed at preventing a repeat of the supply disruptions seen during the early months of the Iran conflict.

Why Energy Markets Are Under Strain

The latest intervention reflects the sustained upward pressure that the Iran conflict continues to exert on crude oil prices, while placing an even greater strain on refined products such as diesel and gasoline. Diesel in particular has been at the centre of the current energy crunch, as European refineries have struggled to keep pace with demand amid disrupted supply chains.

This is the second major coordinated strategic reserve release since the conflict began, underscoring how severely the geopolitical disruption has affected global energy markets. With the four-month timeline running through early 2027, markets will be watching closely whether the volumes delivered match the commitments made.