G7 to Release 100 Million Barrels From Emergency Oil Reserves

October 3, 2026 | 12:59 pm TEMPO.CO, Jakarta - Group of Seven ( G7 ) leaders have agreed to immediately begin a coordinated release of 100 million barrels from emergency oil reserves over four months as surging prices and volatility continue to disrupt global energy markets. The release, coordinated through the International Energy Agency (IEA), will include a substantial initial release of diesel by G7 members and partners within the first 20 days, according to a joint statement issued after a virtual meeting of the group's leaders on Friday, October 2. The G7 said it would meet within the IEA framework in the coming days to discuss possible additional diesel releases if necessary. “We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions,” the statement said. The group also agreed to coordinate maintenance schedules across G7 refineries to avoid simultaneous shutdowns and temporarily increase refinery utilization where possible. The IEA was asked to monitor the implementation and impact of the measures and submit a follow-up report within 20 days. The G7 also called for the “immediate and full restoration” of navigational rights in the Strait of Hormuz, expressing its “determination to redouble our collective efforts to that end.” The group said it would maintain sanctions against Russia while working with the IEA and other partners to limit spillover effects on fuel, gas and other commodity markets. EU Welcomes Emergency Reserve Release European Council President Antonio Costa welcomed the G7's coordinated measures and said EU leaders would discuss the energy situation at their October 15-16 meeting. “I welcome today’s G7 coordinated measures in response to the global energy situation: a coordinated release through the IEA of 100 million barrels, beginning immediately and continuing over four months, with the release of diesel front-loaded, by G7 members and partners; a commitment to refrain from imposing export restrictions on energy and energy products between G7 countries, and a call on all producers to refrain from imposing bans that could exacerbate market tensions,” Costa said in a post on X. He said EU leaders would discuss “how we can alleviate the impact of rising energy prices on European citizens, businesses and industry” at the European Council meeting. 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