{
  "id": 11486857,
  "title": "G7 members agree to release 100 million barrels of diesel and other reserves",
  "url": "https://urgent.news/2026/10/02/g7-members-agree-to-release-100-million-barrels-of-diesel-and-other",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-02T16:52:01.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/energy/2026/10/02/g7-members-agree-to-release-100-million-barrels-of-diesel-and-other-reserves/"
  },
  "original_language": "en",
  "account": "G7 nations have reached an agreement to release 100 million barrels of diesel and other reserves via the International Energy Agency, aimed at stabilizing markets. French President Emmanuel Macron's office confirmed the joint leaders' statement, outlining that the G7 members plan to commence the release immediately, with a substantial diesel release within the first 20 days. The announcement led to a slight decline in oil prices, with Brent crude falling by 1.48 percent to $100.8 per barrel and West Texas Intermediate decreasing by 2.66 percent to $90.40 per barrel. Intelligence firm Kpler reported that oil flows through the Strait of Hormuz had surged to levels nearing prewar figures as producers sought alternative methods to transport fuel out of the region, with assistance from the US military escorting some vessels. Kpler data revealed that at least 16.5 million barrels per day were exiting the Middle East in September.\n\nMacron highlighted the improvement in oil shipment figures and the movement of three-quarters of prewar volumes through the Hormuz and Yanbu pipeline. Leaders also denounced Iran's attacks on neighboring countries in the region, reaffirming their commitment to maintaining sanctions against Russia. Just prior to the statement release, US President Donald Trump tweeted that Europe had agreed to release a significant amount of their heavily stocked diesel oil. The conflict in the Middle East and Russia's war on Ukraine have driven up global diesel prices, intensifying political pressure on Trump ahead of the midterm elections. US diesel prices surged to $6.50 per gallon last week, a rise of nearly $3 compared to the same period last year. Europe is also grappling with higher diesel prices, reaching a record of €2.24 per liter, up from €1.59 before the Iran war commenced on February 28. The Trump administration had been urging Europe to release its diesel stocks. Last week, Trump pressured Ukraine to stop attacking Russian diesel facilities. On Thursday, Treasury Secretary Scott Bessent urged the continent to \"immediately\" tap its reserves.\n\nTrump has also threatened a US diesel ban to alleviate prices, causing concerns among the American energy industry. Such a measure would be alarming to the European Union, which relies heavily on fossil fuel imports as it approaches winter. The IEA stated that the US supplied nearly half of the EU's diesel imports in August. Oxford Economics analysts estimate that a full ban could raise European wholesale prices by 40 to 50 percent, as well as adding up to 0.4 percentage points to US core inflation in 2027. G7 leaders reiterated their commitment to refraining from placing export restrictions on energy and energy products between G7 members and urged producers to refrain from imposing bans. Macron assured Trump that he did not threaten to implement an embargo on US diesel, deeming the discussion as constructive. Both parties pledged to step up coordination to address the issue.",
  "summary": "G7 member countries agreed on Friday to release 100 million barrels of diesel and other reserves through the International Energy Agency to help to stabilise markets. A joint leaders' statement, released by the office of French President Emmanuel Macron , said G7 members agreed to begin the release immediately and continue over four months, including a “front-loaded substantial diesel release…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Guardian Business",
        "title": "G7 to release up to 100m barrels of emergency oil and diesel reserves",
        "url": "https://urgent.news/2026/10/02/g7-to-release-up-to-100m-barrels-of-emergency-oil-and-diesel-reserves",
        "published": "2026-10-02T15:57:13.000Z"
      },
      {
        "outlet": "Quartz",
        "title": "G7 agreed to release 100 million barrels of oil and diesel reserves",
        "url": "https://urgent.news/2026/10/02/g7-agreed-to-release-100-million-barrels-of-oil-and-diesel-reserves",
        "published": "2026-10-02T17:20:32.000Z"
      },
      {
        "outlet": "BBC Business",
        "title": "G7 to release 100 million barrels of oil and diesel after Trump export ban threat",
        "url": "https://urgent.news/2026/10/02/g7-to-release-100-million-barrels-of-oil-and-diesel-after-trump",
        "published": "2026-10-02T17:29:56.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}