G7 Nations Plans Release of 100 Million Barrels of Oil, Fuel Products as Diesel Prices Surge

VoM News Desk | October 3, 2026 | 01:02 PM IST | Breaking News, World | Follow on Google News

G7 Nations Plans Release of 100 Million Barrels of Oil, Fuel Products as Diesel Prices Surge

PARIS, Oct 3, 2026 [VoM News]: The Group of Seven nations announced plans to release 100 million barrels of oil and refined fuel products from reserves in an effort to ease soaring energy prices, with a substantial release of diesel expected first.

The G7 said the diesel release would begin immediately and be front-loaded over the next 20 days, while the remaining supplies are expected to enter markets over four months.

US President Donald Trump said the move would provide immediate relief as diesel prices remain near record levels. The US national average stood at $6.37 per gallon Friday after reaching a record $6.52 on September 22.

France, which holds the rotating G7 presidency, announced the coordinated action following a videoconference chaired by President Emmanuel Macron.

Energy prices have risen amid the continuing Iran war, disruptions to Persian Gulf supplies and Russia’s restrictions on fuel exports.

The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and United States, alongside European Union representation.

VoM News Desk

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