G7 Leaders Agree to Release 100 Million Barrels from Emergency Reserves

The Group of Seven (G7) leaders have agreed to release 100 million barrels of diesel and crude oil from emergency reserves over four months, starting immediately. This move was coordinated through the International Energy Agency (IEA), as surging fuel prices, disrupted refined-product supplies, and threatened U.S. export restrictions put pressure on global energy markets.

The G7 did not specify how much of the total would be diesel or crude oil, but said that a substantial amount of diesel will be frontloaded within the first 20 days by G7 members and partners. IEA Executive Director Fatih Birol stated that around 325 million barrels have been released under this collective action so far, representing more than 80% of the 400 million barrels originally pledged.

Analysts estimate that a major diesel stock release could lower wholesale prices by $20-$30 per barrel. However, further releases essentially buy time while global diesel supply remains below demand and inventories continue to be drawn down, with the EU remaining vulnerable to export policies of other countries such as the United States.