The G7 agrees to release 100 million barrels of oil and diesel ...

The G7 agrees to release 100 million barrels of oil and diesel over four months to ease soaring global fuel prices caused by the Iran-related war and refinery disruptions. The plan, coordinated by the International Energy Agency, includes a front-loaded diesel release within 20 days, followed by staged reserve drawdowns. Leaders also reject export bans between G7 members, keeping energy trade open to stabilize supply. While the move may provide short-term relief, it reduces emergency reserves and leaves markets vulnerable to further geopolitical shocks.

Friday, 2 October, 2026