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G7 to Release 100 Million Barrels of Oil Amid Surging Fuel Prices
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CNBC TV18•02-10-2026, 20:32
G7 to Release 100 Million Barrels of Oil Amid Surging Fuel Prices
- •The G7 nations have agreed to coordinate the release of 100 million barrels of oil through the International Energy Agency (IEA) over four months to combat surging fuel prices and ensure energy security.
- •The release will begin immediately, with a substantial, frontloaded release of diesel within the first 20 days by G7 members and partners, with discussions for additional diesel releases if needed.
- •The G7 will coordinate refinery maintenance schedules to avoid simultaneous shutdowns and temporarily increase utilization rates, while encouraging countries with significant refining capacity to boost refined product production, especially diesel.
- •The IEA will monitor the implementation and impact of these measures, with a follow-up report and recommendations on future responses, including stock replenishment, due within 20 days.
- •The G7 reaffirmed its commitment to open energy trade, refraining from export restrictions among members, and called on producers to avoid export bans that could intensify market pressures.
Key Questions Answered
The Group of Seven (G7) nations agreed to coordinate the release of 100 million barrels of oil through the International Energy Agency (IEA) over a four-month period to address surging fuel prices and energy security concerns.
The national average for diesel in the United States stood at $6.37 per gallon on Friday after previously hitting a record high of $6.52 per gallon on September 22.
French President Emmanuel Macron, whose country holds the rotating G7 presidency, chaired the virtual meeting of G7 leaders to discuss global energy markets and soaring fuel prices.
