G7 Releases 100 Million Barrels of Oil to Curb Rising Prices

G7 nations announce release of 100 million oil barrels, including diesel, as Trump faces pressure over high fuel costs.

October 2, 2026 One Min Read

POLICY WIRE — Washington, United States — The Group of Seven industrial nations has announced plans to release 100 million barrels of oil in the coming weeks, with a focus on diesel, amid soaring fuel prices in the United States. President Donald Trump welcomed the move, calling it an immediate response to rising costs.

The decision comes as the U.S. faces intense pressure ahead of the November midterm elections, with surging fuel prices becoming a key issue for voters. The G7 statement emphasized a coordinated release through the International Energy Agency, starting immediately and spanning four months, with a significant portion of diesel released within the first 20 days.

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Despite calls from some Republicans to restrict diesel exports to lower domestic prices, the G7 reaffirmed its commitment to not imposing export restrictions among member countries. The announcement was made during a videoconference led by French President Emmanuel Macron, who also discussed the matter with Trump overnight.

Reporting by Policy-Wire (PW)

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