G7 countries agreed on October 2, 2026, to release 100 million barrels of crude oil and refined products from their stockpiles over four months, in coordination with the International Energy Agency. The process will begin immediately and include large volumes of diesel during the first 20 days, in a move aimed at easing fuel-price pressures.
Pledge not to restrict energy exports
The group reaffirmed its members’ commitment not to impose restrictions on energy and energy-product exports among themselves, and called on other producers to avoid embargo measures that could heighten market tensions. The agreement followed US discussions about possibly restricting diesel exports, before US President Donald Trump said his country would not implement the ban.
The measures include coordinating refinery maintenance schedules to avoid production capacity being taken offline at the same time, increasing operating rates wherever possible, and tasking the International Energy Agency with monitoring implementation and submitting a report within 20 days containing recommendations on the future response and the replenishment of stockpiles.
Hormuz disruptions put pressure on supplies
The French presidency linked the rise in global fuel prices to developments in the Middle East and said oil flows through the Strait of Hormuz and the Yanbu Channel in the Red Sea had increased in recent days. The group’s leaders reaffirmed their commitment to continuing coordinated efforts to restore full freedom of navigation through the strait.
Around 19.87 million barrels per day of crude oil and petroleum products pass through the Strait of Hormuz, according to 2025 data from the International Energy Agency, while available capacity to transport crude through alternative routes ranges from 3.5 million to 5.5 million barrels per day.
