G7 to release 100m barrels of diesel, other reserves to stabilise global energy supplies

The group of seven (G7) nations have agreed to coordinate the release of 100 million barrels of diesel and other reserves through the International Energy Agency (IEA) to stabilise global energy markets.

G7 members are Canada, France, Germany, Italy, Japan, the United Kingdom (UK), and the United States (US).

According to a joint statement issued by the G7 leaders on Friday, the agreement was reached at a virtual meeting to address the deepening challenges to energy security.

“In this regard, taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels (MB) to begin immediately over 4 months, including a front loaded substantial diesel release within the first 20 days by G7 members and partners,” the statement reads.

“We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary.”

The statement noted that the group agreed on the measures to stabilise immediate energy supplies amid unprecedented volatility in oil markets, with surging prices threatening economic stability and citizens’ well-being.

The bloc added that the measures would also shield households and businesses from price shocks and strengthen the long-term resilience of global energy systems.

“We will coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible,” the group said.

“We also encourage engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel, in light of ongoing market pressures in this segment.

“The G7 requests the IEA to monitor the immediate and full implementation of the March 2026 commitments.”

The statement said the group reaffirmed its commitment to refrain from “export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions”.

“We invite the IEA to monitor the impact of these measures on energy security and market stability and to monitor implementation of commitments,” the bloc said.

“A follow-up report should be delivered before 20 days, include actionable recommendations to enhance future responses, including stocks replenishment.

“We condemn Iran’s continued attacks against its regional neighbours and its disruption of international trade, energy security and the global economy. We call for the immediate and full restoration of navigational rights and principles in the Strait of Hormuz and express our determination to redouble our collective efforts to that end.”

G7 also commended the United States for “its efforts to ensure the free flow of commerce through the Strait of Hormuz”.

The development comes after the administration of US President Donald Trump urged European Union (EU) countries to release some of their diesel reserves to help ease soaring global fuel prices.

On Friday, the average pump price of diesel in the United Kingdom (UK) hit £2 per litre for the first time.