The Group of Seven nations agreed on October 2, 2026, to release up to 100 million barrels of oil and diesel from emergency stockpiles over four months. The move aims to cool record fuel prices.

G7 leaders met in a virtual summit chaired by French President Emmanuel Macron. The International Energy Agency will coordinate the release. A substantial amount of diesel will be released in the first 20 days.

Diesel prices have hit record highs on both sides of the Atlantic. In the United States, diesel touched a record 6.53 dollars a gallon. In Europe, it averaged 2.24 euros a litre. In Britain, pump prices crossed 2 pounds a litre for the first time.

US President Donald Trump withdrew his threat to ban American diesel exports after the decision. The G7 also agreed to avoid export restrictions among members. Brent crude closed at 102.25 dollars a barrel in New York on Friday.