Group of Seven Nations Agree to Release Up to 100 Million Barrels of Diesel and Crude Oil Reserves

Key facts

• The Group of Seven (G7) member countries agreed on October 2, 2026, following a videoconference hosted by French President Emmanuel Macron, to release up to 100 million barrels of diesel fuel and crude oil reserves over four months to cap soaring gas prices.
• The G7 statement said there would be a substantial diesel release within the first 20 days, and members would coordinate refinery maintenance schedules to prevent simultaneous capacity shutdowns.
• United States President Donald Trump said Europe had agreed to release a massive amount of its heavily stocked diesel oil and that the process would begin immediately.
• The average price of U.S. diesel has surged 70% since late February 2026 to $6.37 per gallon after the United States and Israel attacked Iran on February 28, with a renewed surge after the Russia-Ukraine war escalated in July.
• In March 2026, member countries of the International Energy Agency (IEA) had approved a release of 400 million barrels of crude oil, which partially eased the supply crunch but prices continued to rise.
• Brent crude oil ended trading on October 2, 2026, effectively flat at $102.25 per barrel, up more than 60% since the start of the year.
• The agreement followed a weeklong pressure campaign by the Trump administration on European allies, particularly Germany and France, which hold a large share of the European Union's diesel reserves.
• Trump has also been considering a U.S. diesel export ban, which the European Union fully rejected, and European Commission President Ursula von der Leyen welcomed the G7 decision not to impose export bans on allies.
• With weeks to go until the November 3, 2026 midterm elections, only 41% of registered voters approve of Trump's handling of the U.S. economy, according to NBC News polling.