G7 leaders have agreed coordinated measures to address rising oil and diesel prices, including the release of 100 million barrels of oil and refined products through the International Energy Agency (IEA) over four months.
The G7 said the measures aim to “stabilise immediate energy supplies, shield households and businesses from price shocks, and strengthen the long-term resilience of global energy systems”. The release will include a “frontloaded substantial diesel release within the first 20 days”, reflecting pressure on refined fuel markets.
The group will coordinate refinery maintenance schedules to avoid simultaneous shutdowns and encourage countries with significant refining capacity to increase production. It also called on producers to avoid export restrictions that could “exacerbate market tensions”.
The measures come as global fuel markets face pressure from the Iran conflict, disruption around the Strait of Hormuz, reduced refinery output and attacks on Russian energy infrastructure.
The IEA’s September 2026 Oil Market Report highlights the scale of the disruption. Global oil production fell by 1.6 million barrels per day in August, while more than 10 million barrels per day of Gulf output remained shut in. Global inventories also fell by 95 million barrels during the month.
Russia has also restricted diesel exports, although Deputy Prime Minister Alexander Novak said on Friday (2 Oct) that Moscow could partially lift the restrictions if domestic production exceeds demand.
The G7 said the agreements mark “a step toward a more secure, transparent, and resilient energy future”, highlighting the growing link between geopolitical tensions, energy markets and global economic stability.
ℹ️ GOV. UK, International Energy Agency (IEA)
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