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G7 to release 100m barrels of oil reserves

Published : Friday, 2 October, 2026 at 11:00 PM

Observer Online Report

Collected Photo

The Group of Seven (G7) countries have agreed to release 100 million barrels of crude oil and diesel from emergency reserves over four months through a coordinated mechanism led by the International Energy Agency (IEA), as global fuel prices surge.

The release will begin immediately, with a substantial amount of diesel expected to be released within the first 20 days by G7 members and partner countries. The G7 also agreed to coordinate refinery maintenance and encourage higher refinery utilisation to increase the supply of refined petroleum products, particularly diesel.

The decision comes amid heightened volatility in global oil markets and pressure on fuel supplies. The G7 said the measures are aimed at stabilising energy supplies and reducing the impact of fuel-price shocks on households and businesses. The group also called for countries to avoid energy-export restrictions that could further tighten global supplies.

The 100 million barrels, if released evenly over four months, would amount to roughly 830,000 barrels a day. However, the actual impact on diesel prices will depend on how quickly reserves are released and how much crude can be processed into refined fuel.

-AH

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Editor : Iqbal Sobhan Chowdhury

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