G7 to release 100 million barrels of oil and diesel after Trump export ban threat
G7 nations have agreed to release 100 million barrels of oil and diesel from their reserves to stabilize global energy prices. This decision follows threats from US President Donald Trump to ban diesel exports, though he later praised the collaborative effort.
Why it matters
The coordinated release aims to prevent energy supply shortages and price spikes, impacting global inflation and consumer costs ahead of the US midterm elections.
Image source, PA Media By Archie Mitchell and Lucy Hooker , Business reporters Published 2 October 2026 Updated 51 minutes ago The G7 has announced 100 million barrels of oil and diesel will be released to ease supply concerns that have caused prices to skyrocket.
It includes a "substantial release" of diesel within 20 days, with discussions around "additional diesel releases as necessary", G7 leaders said in a statement.
The group of advanced economies, including the US, said the move would begin immediately and would last for four months.
Under the measures, which come after US President Donald Trump had threatened to ban diesel exports , there will not be any "export restrictions on energy and energy products" between G7 members.
The G7 includes the US, UK, Canada, Japan, Germany, Italy and France, with the EU also represented at its meetings.
Also covering this story
13 other newsrooms covered this event. We read each version separately.
Britain in talks with European allies over release of emergency diesel stockpiles
Petrol price goes up again in October, diesel remains the same
Watch: Why has UK diesel price hit an all time high?
Petrol set to smash R30/litre next week; diesel may also hit record high
US tells France and Germany to release diesel stocks or face US export ban
Trump threatens diesel export ban unless France and Germany release emergency reserves
EU nations to hold emergency meeting on diesel prices
G7 Nations To Release 100 Million Barrels Of Oil Amid Fuel Price Surge
EU ‘fully rejects’ US threat to ban diesel exports unless bloc releases more fuel stocks
G7 nations agree to release 100 million barrels of oil, including diesel, boost for Trump
US weighs diesel export ban, urges Europe to release reserves
G7 to Coordinate Release of 100 Million Barrels from Oil Reserves, Front
G7 to release 100m barrels of diesel and crude under pressure from Trump
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in