The G7 has agreed to release 100 million barrels of oil and fuel reserves over four months to ease energy-price pressures. The plan, adopted at an October 2 virtual meeting and reported by Le Monde on October 3, calls for substantial diesel deliveries within the first 20 days, coordinated through the International Energy Agency (IEA).
The leaders’ statement links the operation to implementation of commitments made in March, taking account of volumes already supplied. It does not describe the entire amount as an extra allocation beyond that earlier programme. Reuters reported that the agreement gave no breakdown by country or between crude oil, diesel and other products.
IEA chief Fatih Birol said around 325 million of the 400 million barrels pledged on March 11 had already been released. According to the agency, Middle Eastern crude exports have recovered significantly, but refined-fuel flows remain severely constrained. Ukrainian attacks on Russian refineries have added to diesel-market pressures, Birol said.
G7 members also pledged to avoid restrictions on energy exports to one another and urged other producers to refrain from bans. Reuters reported that Washington had pressed Europe to release diesel stocks while considering a US export ban. Such a measure risked cutting supplies to Europe, which has become more dependent on American diesel.
To support production, the leaders said they would coordinate refinery maintenance to prevent simultaneous shutdowns and raise utilization temporarily where feasible. They also encouraged cooperation with countries possessing significant refining capacity. The stated aim is to protect households and businesses from price shocks while strengthening energy security.
The G7 asked the IEA to monitor deliveries and market effects, with a follow-up report due within 20 days that includes recommendations on replenishing stocks. Members plan further discussions through the agency on additional diesel releases if needed. The statement sets a delivery timetable; it does not guarantee a particular fall in fuel prices.
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