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President Macron said the G7 would release 100 million barrels over four months. Diesel releases are “front-loaded”
Published October 2, 2026
As prices continue to soar due to the war between the US, Israel and Iran, the Group of Seven (G7) members have announced they will release up to 100 million barrels of strategic oil reserves.
The release will be coordinated through the International Energy Agency (IEA) over the next four months, the group said in a statement after a meeting chaired by French President Emmanuel Macron. It added that the release includes “an accelerated release of large quantities of diesel by G7 members and partners within the first 20 days.”
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The group said it would “convene in the context of the IEA in the coming days to discuss the possibility of additional diesel emissions, if necessary.”
The announcement came shortly after U.S. President Donald Trump said in a post on his Truth Social account that Europe had “agreed to release a significant amount of its large stockpile of diesel oil.”
The G7, which is made up of the world’s top economies, includes Canada, the United States, and European countries such as France, Germany, Italy, and the United Kingdom. The European Union is also an observer member of this group.
Many European officials are alarmed by President Trump’s recent efforts to pressure European countries, particularly Germany and France, to release diesel stocks to ease price increases caused by restrictions on shipping through the Strait of Hormuz.
Rising global energy prices are a ripple effect of the war with Iran, which President Trump launched on February 28, alongside Israel.
According to Eurostat data for June 2026, EU countries together with the UK hold around 52 million tonnes of gas, oil and diesel stocks. This includes around 38 million tonnes of emergency stocks held by EU countries.
EU rules require member states to maintain emergency oil reserves that cover at least 90 days of net imports or 61 days of domestic consumption, whichever is greater.
Diesel ban threat
President Trump has previously said he would ban U.S. diesel exports if European countries do not release their stockpiles.
The multi-member European Union, which is heavily dependent on diesel imports, announced early Friday that it rejects the threat completely.
The national average for a gallon of diesel in the U.S. on Friday was $6.37, according to the American Automobile Association. The average hit an all-time high of $6.52 on September 22nd.
The issue has been a political blow to President Trump and the Republican Party ahead of the US midterm elections in November, with Trump’s approval ratings on the economy plummeting as the vote approaches.
Diesel is the basis of many of America’s top industries, including transportation, construction, and agriculture.
U.S. diesel inventories hit an all-time low of 107.9 million barrels as of September 11, 2026.
In March, 32 IEA member countries agreed to release 400 million barrels of oil from emergency stockpiles. Officials said the release was not yet fully completed.
