Group of Seven (G7) leaders have agreed to a coordinated release of 100 million barrels of emergency crude oil and refined fuel reserves over four months, according to a joint leaders' statement reported by Gulf Business. The measure aims to mitigate market volatility and surging fuel prices that pose risks to economic stability and global energy security.
The coordinated drawdown will be executed through the International Energy Agency (IEA), with a substantial tranche of diesel reserves scheduled for release within the first 20 days. G7 members stated they will meet with the IEA in the coming days to review market conditions and determine whether additional diesel stock releases are needed.
Under the agreement, G7 nations will synchronise maintenance schedules across member-country refineries to prevent overlapping capacity shutdowns that could further constrict supplies. The bloc also plans to temporarily increase refinery utilisation rates where feasible and engage with other major refining countries to expand global output of refined products, particularly diesel.
The G7 reaffirmed its commitment to avoid energy export restrictions among member countries and urged global energy producers not to impose export bans. The group also called for the immediate and full restoration of navigation rights and principles in the Strait of Hormuz to maintain the free flow of commercial shipping.
Sources
- Gulf Business · 2026-10-04
