The G7 countries will release oil and diesel reserves to bring prices down

The leaders of the G7 countries have agreed to gradually release 100 million barrels of oil onto the market over the next four months, including a substantial initial release of diesel within the first 20 days. The aim is to take action to stabilise energy supplies and counteract the price volatility that is causing price rises worldwide. The meeting took place today via video conference.  During the summit, a commitment was also made to avoid restrictions on energy trade within the group. “We have agreed that there will be no restrictions or bans on exports between G7 members,” stated French President Emmanuel Macron, adding that his US counterpart, Donald Trump, had also been “very clear on this point”. In recent days, the United States had threatened to reduce diesel exports.

“We welcome the decision by the G7 countries not to impose any export bans on allies and the continued solidarity amongst partners. We support a release of fuel stocks coordinated by the IEA whilst maintaining the course towards the transition to clean energy, to ensure greater energy security,” wrote EU Commission President Ursula von der Leyen on X.

The leaders made a number of commitments during the summit. “We will coordinate maintenance programmes at G7 refineries to prevent simultaneous shutdowns of production capacity and, where possible, temporarily increase utilisation rates,” reads an official statement. “We also encourage collaboration with countries possessing significant refining capacity to boost global production of refined products, particularly diesel, in light of ongoing market pressures in this sector. The G7 calls on the IEA (the International Energy Agency, ed.) to monitor the immediate and full implementation of the commitments made by March 2026.” In this regard, the leaders continue, “taking into account the commitments already fulfilled, we will implement our commitments through a coordinated release, via the IEA, of 100 million barrels (MB) starting immediately, over a period of four months, including a substantial initial release of diesel within the first 20 days by G7 members and partners. We will meet within the framework of the IEA in the coming days to discuss the possibility of further diesel releases, if necessary.”

It is stated that sanctions against Russia will remain in force, and the United States is then praised “for its efforts to ensure the free flow of trade through the Strait of Hormuz”. “Whilst we reaffirm our commitment to refrain from imposing restrictions on the export of energy and energy products amongst G7 countries, we call on all producers to refrain from imposing bans that could exacerbate market tensions.” 

Prime Minister Giorgia Meloni was also present. “The leaders agreed on a coordinated response to the volatility of the energy markets,” reads a statement from Palazzo Chigi. "In her address, Prime Minister Meloni outlined the government’s initiatives to mitigate the impact of price rises on households and businesses: the cap on fuel prices secured from the major oil companies, measures regarding excise duties, and the proposals put forward by Italy to the European Commission," the statement continues. She also called for coordinated action on stockpiles, focusing on diesel, and reiterated the proposal for a structured dialogue between the G7 and the Gulf states.”

“A clear signal of unity in the face of the energy crisis” has come from the G7, said French President Emmanuel Macron, addressing the press after the meeting. “Among the seven major nations, we are not divided,” the President insisted, recalling that the G7 had committed, amongst other things, to releasing strategic reserves “prioritising diesel”, with the specific aim of easing pressure on the markets. Macron then expressed the hope that “all this might trigger a fall in prices on world markets. ‘Markets have already begun to fall since the announcement of this meeting,’ he observed, adding in conclusion: ‘Let us continue our work. Let us do everything necessary to ensure that petrol and diesel prices at service stations fall as quickly as possible.’