The Group of Seven announced on Friday, October 2, 2026, the coordinated release through the International Energy Agency of 100 million barrels of diesel and other oil reserves. The release is set to begin immediately and continue over 4 months, as a tanker was hit by an unidentified projectile while leaving the Strait of Hormuz.
Early diesel release within 20 days
G7 leaders said in a joint statement that the release would include an early, large-scale diesel release during the first 20 days by the group's members and partners, while they considered putting additional volumes on the market if market conditions required it. The group also pledged to refrain from imposing restrictions on energy and energy-product trade among its members, and called on producers to avoid embargo measures that could further increase market tensions.
The International Energy Agency said about 325 million barrels from the collective action announced on March 11 had already been released, representing more than 80% of the 400 million barrels pledged. It added that crude exports from the Middle East had recovered significantly, while flows of refined products remained severely constrained, as Ukrainian attacks on Russian refineries added to pressure on diesel supplies.
Oil prices fall after announcement
Oil prices fell after the G7 announcement, with Brent crude down 1.48% at $100.8 a barrel and West Texas Intermediate down 2.66% at $90.40 a barrel during Friday trading, in an initial response to the expected increase in supplies from reserves.
Projectile hits tanker while leaving Hormuz
In a separate development, the United Kingdom Maritime Trade Operations agency said a tanker was hit by an unidentified projectile while sailing out of the Strait of Hormuz, causing a small fire and a loss of power on board. The agency added that the fire had been extinguished and the tanker continued its voyage, with no injuries or environmental damage reported.
