G7 agrees to release 100 million barrels of diesel and crude oil
Following crisis talks held via video on October 2, the G7 nations agreed to release up to 100 million barrels of emergency diesel and crude oil from their strategic reserves. The volume represents about one third of the bloc's total government stockpiles and exceeds twice the 182-million-barrel release carried out in 2022 after Russia’s invasion of Ukraine.
The release will consist of 50 million barrels of diesel and 50 million barrels of crude oil. It is intended to ease global prices and placate the U.S. President, who has threatened to cut off Europe’s vital supply of U.S. diesel by imposing a total ban on diesel exports. The move comes amid a tightened market caused by Russia's April oil‑export ban and Iran's control of the Strait of Hormuz, which routes roughly 20% of global oil. The seven participating nations are France, the United States, the United Kingdom, Germany, Italy, Canada, and Japan.
“work in a coordinated manner to help bring down the prices of petroleum products, particularly diesel,” Emmanuel Macron, French President and G7 chair said.
The G7 released 182 million barrels of oil in 2022. That release followed Russia’s invasion of Ukraine.
What we know
G7 nations are to release up to 100 million barrels of emergency diesel and crude oil stockpiles (50m diesel, 50m crude).
Crisis talks were held via video on October 2, after which ministers agreed to release stocks from strategic oil reserves.
The volume earmarked for release represents a third of the group’s total government stockpiles.
The release is more than double the 182 million barrels released in 2022 after Russia’s invasion of Ukraine.
Russia imposed a ban on oil exports in April.