The Group of Seven announced plans to release up to 100 million barrels of strategic oil reserves in a coordinated effort to address elevated global energy prices. The decision was made during a meeting chaired by French President Emmanuel Macron and will be managed through the International Energy Agency over a four-month period. A particularly large diesel release is planned for the opening 20 days, with G7 members and partner nations participating in the initiative.
The announcement was made shortly after US President Donald Trump posted on Truth Social that Europe had agreed to release substantial quantities of diesel from its stockpiles. Trump had previously applied pressure on European nations, particularly Germany and France, to tap their diesel reserves to counteract price increases caused by shipping disruptions in the Strait of Hormuz. Several European officials had expressed reluctance about this approach.
According to data from June 2026, the European Union and United Kingdom maintain approximately 52 million tonnes of combined gas, oil, and diesel stocks, with roughly 38 million tonnes constituting emergency reserves. EU regulations mandate that member states preserve emergency oil inventories sufficient for at least 90 days of net imports or 61 days of domestic consumption, depending on which threshold is higher.
Elevated energy prices have resulted from conflict involving the United States and Israel. Trump has threatened to restrict American diesel exports unless European countries released their reserves, a position the EU rejected on Friday. US diesel prices have risen substantially, with the national average reaching $6.37 per gallon on Friday and hitting a record of $6.52 earlier in September. The International Energy Agency’s member countries approved the release of 400 million barrels from emergency reserves in March, though officials indicated that release process remains ongoing.
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