G7 orders 100 million barrel oil stock release, rejects energy export bans

The G7 nations have agreed to release 100 million barrels of oil from their stockpiles within four months, rejecting any plans for export bans on energy products. In a statement on October 2, the seven industrial countries called upon the International Energy Agency (IEA) to "monitor the immediate and full implementation of the March 2026 commitments."

The G7 and partner countries have committed to releasing a "substantial diesel release" in the next 20 days, with discussions on additional releases to follow. The group also aims to coordinate refinery maintenance schedules to avoid simultaneous shutdowns and increase utilization rates, while engaging with non-G7 countries that hold additional capacity.

The move follows a statement from US President Donald Trump, who claimed that Europe had agreed to release "a massive amount" of its "heavily stocked diesel." Initial oil futures fell 8% after Trump's announcement but have since rebounded following the G7's response. The IEA had previously committed to releasing 400 million barrels of oil in March, but only 300 million barrels have been delivered so far.

Of the supplies released to the market, 110 million barrels came from the Americas, 112 million from Asia-Oceania, and 68 million from Europe. The G7 emphasized its commitment to refraining from export restrictions on energy and energy products between member states and called on oil producers to avoid imposing bans. European Commission President Ursula von der Leyen welcomed the decision, stating that the group would support an IEA coordinated release of fuel stocks.