G7 nations agree to release 100 million barrels of oil reserves

G7 leaders agreed on 2 October 2026 to release up to 100 million barrels of oil and diesel from their emergency reserves. The release will happen over four months and will be coordinated by the International Energy Agency. A large amount of diesel will reach the market within the first 20 days. The decision came after diesel prices hit record highs around the world. US President Donald Trump had threatened to stop American diesel exports if European countries did not open their own reserves. G7 members also agreed not to block energy exports to each other. France held the G7 presidency at the time, and the UK was represented by Foreign Secretary Ed Miliband.