G7 leaders have agreed a coordinated release of 100 million barrels of oil and refined products through the International Energy Agency (IEA), beginning immediately over four months, amid volatility in oil markets.
The release will include a “frontloaded” diesel component within the first 20 days by G7 members and partners, informed a G7 statement also published on Friday by the European Council and the European Commission.
Leaders said they would meet in the coming days in the context of the IEA to discuss the possibility of further diesel releases.
The G7 also stated that it would coordinate maintenance schedules across refineries to avoid simultaneous shutdowns, and temporarily increase utilisation rates “where feasible”. It encouraged engagement with other countries with significant refining capacity to boost global production of refined products, particularly diesel.
The group asked the IEA — an intergovernmental body that works with countries on energy policy and emergency responses — to monitor implementation of what it called the March 2026 commitments, and to track the impact of the measures on energy security and market stability.
Calls on exports, Iran and Russia
G7 leaders reaffirmed their commitment to refrain from export restrictions on energy and energy products between G7 countries, and called on all producers to avoid bans that could add to market tensions, the organisation said.
They condemned Iran’s attacks on regional neighbours and its disruption of international trade, energy security and the global economy, and called for the “immediate and full restoration” of navigational rights and principles in the Strait of Hormuz.
The leaders also commended the United States for efforts to ensure the free flow of commerce through the strait.
The group said it would maintain sanctions against Russia while working with the IEA and global partners to prevent spillovers into fuel, gas and other commodity markets.
The IEA was invited to deliver a follow-up report within 20 days, including recommendations and covering “stocks replenishment” — the process of refilling emergency reserves after releases.
