The G7 leaders agreed on a package of coordinated measures to stabilize energy supply, which includes a release of oil reserves with an emphasis on diesel, the coordination of refinery maintenance, and a commitment not to restrict energy exports among members. The decision was adopted at a virtual meeting, according to the joint statement issued by the group, which described unprecedented volatility in the crude oil markets.
The core of the agreement is a coordinated release through the International Energy Agency (IEA) of 100 million barrels, which will begin immediately and extend over four months. According to the text, the volume includes a "substantial" release of diesel concentrated in the first 20 days, carried out by G7 members and partner countries.
The leaders framed the measure as the implementation of the commitments made in March 2026, "taking into account the commitments that have already been fulfilled."
The announcement comes against the backdrop of the sharp rise in oil and refined product prices due to the war in the Middle East, a conflict joined by that of Ukraine with Russia, which has intensified in recent days.
"Facing unprecedented volatility in the oil markets, with price increases that threaten economic stability and the well-being of our citizens, we have agreed on decisive and coordinated measures to stabilize the immediate energy supply, protect households and businesses from price shocks, and strengthen the long-term resilience of global energy systems," the statement says.
The G7, or Group of Seven, is an informal intergovernmental political and economic forum that brings together seven of the world's leading economic powers and advanced democracies. It is made up of France, Canada, Germany, Italy, Japan, the United Kingdom, and the United States. France currently holds the group's presidency. The European Union also participates in its meetings.
The group added that it will meet within the framework of the IEA "in the coming days" to discuss the possibility of additional diesel releases, as needed.
On the refining front, G7 countries will coordinate their refineries' maintenance schedules to avoid simultaneous capacity shutdowns and will temporarily increase their utilization rates where feasible. In addition, they encouraged dialogue with countries that have significant refining capacity to raise global production of refined products, particularly diesel, in light of what the statement describes as ongoing market pressures in that segment.
The leaders reaffirmed their commitment to refrain from imposing restrictions on the export of energy and energy products among G7 countries, and called on all producers not to apply bans that, according to the text, could exacerbate market tensions.
The IEA was tasked with monitoring the immediate and full implementation of the March commitments, as well as the impact of the new measures on energy security and market stability. The agency must deliver a follow-up report within 20 days, with concrete recommendations for improving future responses, including inventory restocking.
The statement also addressed the geopolitical component. "We condemn Iran's continued attacks against its regional neighbors and its disruption of international trade, energy security, and the global economy," the leaders stated, calling for the immediate and full restoration of navigation rights and principles in the Strait of Hormuz. The group expressed its determination to redouble collective efforts to that end and praised the United States for its efforts to secure the free flow of trade through the strait.
Regarding Russia, the G7 noted that it will maintain sanctions against that country, while working with the IEA and global partners to prevent further spillover effects in the markets for fuels, gas, and other commodities.
"Our citizens' concern about energy prices remains a top priority," the leaders indicated, adding that they will closely monitor market developments and are prepared to adjust the measures if necessary.
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