Trump wants lower fuel prices. G7 agrees to release 100 million barrels of oil: Why it matters

The coordinated release through the IEA will run for four months, with a substantial amount of diesel to be released within the first 20 days as energy markets face severe supply pressures.

4 min readNew DelhiUpdated: Oct 3, 2026 12:11 AM IST

French President Emmanuel Macron (C) speaks next to French Presidential advisor Emmanuel Bonne (L), France's Economy, Finance and Industry Minister Roland Lescure, Secretary-General of the Office of the President of the French Republic Pierre-Andre Imbert and Camille Morfouace de Broucker following a video conference with G7 leaders from the Elysee Presidential Palace in Paris. (Photo: Reuters)

The Group of Seven (G7) countries have agreed to coordinate the release of 100 million barrels of oil and fuel reserves through the International Energy Agency (IEA) over four months, with a substantial amount of diesel to be released within the first 20 days as fuel prices surge globally.

The decision was announced after an emergency G7 videoconference chaired by French President Emmanuel Macron on Friday. The G7 said the release would “begin immediately” and include a “frontloaded substantial diesel release within the first 20 days by G7 members and partners”.

The move comes after growing pressure from Washington for European countries to draw down emergency diesel reserves. Reuters reported that the Trump administration had urged France and Germany to release their stocks and warned of a possible US diesel-export ban if they failed to do so.

pic.twitter.com/cCXGiG513B

— Rapid Response 47 (@RapidResponse47) October 2, 2026

Trump pushes to bring down soaring US fuel prices

US President Donald Trump welcomed the G7 decision, saying on Truth Social that Europe had agreed to release a “massive amount” of diesel from its stockpiles and that the process would begin immediately.

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The move comes as Trump faces political pressure over high fuel prices ahead of the November 3 US midterm elections. AP reported that Trump’s approval rating on the economy had fallen to a new low in the latest AP-NORC poll.

Je viens de réunir les dirigeants du G7 pour évoquer la situation énergétique mondiale.

Nous sommes d’accord pour travailler de manière coordonnée pour contribuer à la baisse des prix des produits pétroliers, notamment du diesel.

Nous avons décidé de :

→ flexibiliser la… pic.twitter.com/ilaXb94kD6

— Emmanuel Macron (@EmmanuelMacron) October 2, 2026

US diesel prices hit record levels

US diesel prices have climbed sharply amid disruptions to global energy supplies during the ongoing war involving Iran.

The national average for diesel in the US stood at $6.37 per gallon on Friday, according to AAA, after reaching a record $6.52 on September 22, AP reported.

The latest US Energy Information Administration data put the average on-highway diesel price at $6.382 per gallon for the week ending September 28.

Diesel prices have also reached record levels in parts of Europe.

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US had warned Europe over diesel reserves

The G7 decision follows an escalation in pressure from Washington. Reuters reported on Thursday that the Trump administration had asked Germany and France to release emergency diesel inventories to help ease global fuel prices, warning that failure to do so could lead to a US ban on diesel exports.

For Europe, releasing more strategic stocks presents a dilemma because governments must balance the need to lower prices with the need to maintain reserves in case the energy crisis worsens.

What will the G7 release contain?

The G7 statement does not describe the entire 100 million barrels simply as diesel.

Instead, it says the countries will make a coordinated 100-million-barrel release through the IEA, while putting a substantial diesel release at the front of the programme. The G7 also agreed to coordinate refinery maintenance schedules and temporarily increase refinery utilisation where feasible. It called on countries with significant refining capacity to increase production of refined products, particularly diesel.

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The countries also pledged not to impose restrictions on energy and energy-product trade between G7 members.

Nischai Vats

Nischai Vats is a Deputy Copy Editor at The Indian Express. His work primarily covers US politics and visa and immigration policy, alongside broader international developments, with an emphasis on accuracy, verification, and clear explainers. Experience Nischai joined The Indian Express in May 2024 where he works on writing, editing, and refining high-impact stories for digital platforms. His role involves ensuring editorial consistency, factual accuracy, and clarity in coverage of complex policy-driven subjects. Earlier in his career, he worked across Indian digital newsrooms in reporting and editing roles, including stints at Inshorts, Newslaundry, Tiranga TV, and Catch News. His newsroom experience spans rapid digital publishing, ground reporting, and copy editing across national, civic, and policy beats. Expertise His core areas of focus include: US politics and governance: Coverage of American political developments, executive actions, and policy shifts. US visa and immigration policy: Reporting and editing stories on visa categories, regulatory changes, and immigration pathways affecting global audiences. Editorial accuracy and copy editing: Ensuring clarity, language precision, and verification in fast-paced digital news environments. Authoritativeness and trustworthiness Nischai's journalism is grounded in verified sources, official documentation, and clear attribution, in line with The Indian Express’ editorial standards. His background across reporting and editing enables him to translate complex policy updates into reliable, reader-friendly coverage. ... Read More

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