The Group of Seven (G7) countries agreed on 2 October to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions. This move comes after pressure from US President Donald Trump, who has urged the European Union to draw down its emergency diesel inventories to mitigate rising fuel prices ahead of the upcoming midterm elections in November, according to Reuters in a report published by ARN News Centre.
The US administration warned that failure to act could lead to a ban on diesel exports to Europe, a region that has increasingly relied on US diesel supplies. Such a ban could significantly impact European markets, potentially leading to high economic costs for the bloc.
In a joint statement, the G7 said the coordinated release would take place through the International Energy Agency (IEA), taking account of commitments already fulfilled. The Iran war had prompted an agreement in March to release 400 million barrels. IEA Executive Director Fatih Birol said about two-thirds of that agreed amount had been released. It was unclear how much of the new 100-million-barrel agreement would come from the remainder of the March pact.
The 2 October statement said the release would begin immediately and last four months, with a substantial amount of diesel to be released within 20 days by G7 members and partners. However, the G7 did not specify the exact breakdown of crude, diesel, and other products to be released, nor did it identify which countries would participate in this initiative.
The G7 said further discussions would take place within the IEA in the coming days to consider additional diesel releases if necessary.
Trump has publicly stated that Europe has agreed to release a substantial amount of diesel oil, emphasizing the urgency of the situation as he faces a low approval rating amid rising living costs. A recent Reuters/Ipsos poll indicated that only 17% of Americans approve of his handling of the cost of living, highlighting the political stakes involved in energy policy.
Reuters reported that the US administration had made lowering energy prices a central focus as it sought to ease the impact of the Iran war and high fuel costs on consumers and diesel-dependent industries, including trucking and farming.
Correction, 4 October 2026: An earlier version described the March agreement’s full 400 million barrels as already released. The source said about two-thirds of that agreed amount had been released.
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