G7 Agrees To Release 100 Million Barrels Of Oil To Ease Fuel Prices
Oct 03, 2026
The Group of Seven (G7) nations have agreed to release 100 million barrels of oil over four months to ease soaring fuel prices, with a substantial release of diesel planned in the first 20 days.
The decision came as diesel prices in the United States climbed to record levels, adding pressure on President Donald Trump and his administration ahead of November's midterm elections. Trump said European countries had agreed to release large quantities of diesel from their stocks and that the process would begin "immediately."
The announcement followed an overnight conversation between Trump and French President Emmanuel Macron. According to a statement issued by France after the meeting, the International Energy Agency (IEA) will coordinate the release. The G7 and partner countries will make a coordinated release of 100 million barrels over four months, with a substantial amount of diesel to be released during the first 20 days.
Meanwhile, fuel prices have surged in the United States and other countries amid the eight-month-long war involving Iran. US diesel prices have risen sharply in recent weeks. According to AAA, the national average stood at $6.37 per gallon on Friday. This came after diesel prices reached a record $6.52 per gallon on September 22.
