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G7 to Release 100 Million Barrels of Oil to Combat Soaring Fuel Prices
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Firstpost•02-10-2026, 21:15
G7 to Release 100 Million Barrels of Oil to Combat Soaring Fuel Prices
- •The G7 nations have agreed to release 100 million barrels of oil from strategic reserves to ease soaring fuel prices, including a substantial amount of diesel.
- •The coordinated release will be carried out through the International Energy Agency (IEA) over four months, starting immediately.
- •US President Donald Trump announced the immediate release, noting Europe's agreement to deploy a massive amount of diesel oil.
- •The decision comes as diesel and other fuel prices have sharply climbed due to supply disruptions linked to the eight-month-old Iran war.
- •In the US, the national average price of diesel reached $6.37 a gallon on Friday, after hitting a record $6.52 on September 22.
Key Questions Answered
The Group of Seven industrialized nations have agreed to release 100 million barrels of oil from strategic reserves, including a substantial amount of diesel.
The coordinated release will be carried out through the International Energy Agency over a four-month period, with a front-loaded diesel release entering the market within the first 20 days.
Governments are releasing strategic reserves to ease soaring fuel and diesel prices driven by supply disruptions from the eight-month-old Iran war.
