Macron Seeks G7 Video Call on Fuel Reserves Release
20 sourcesUpdated Oct 2, 2026
G7 countries agreed to release 100 million barrels of crude oil and diesel from emergency reserves over four months, with a substantial diesel release front-loaded within the first 20 days. French President Emmanuel Macron chaired a G7 leaders videoconference on Friday. The G7 joint statement said members will implement a coordinated release through the IEA of 100 million barrels and will coordinate refinery maintenance schedules and temporarily increase utilization rates where feasible. President Donald Trump posted on Truth Social that Europe agreed to release a massive amount of their heavily stocked diesel oil and that the process will begin immediately. White House National Economic Council Director Kevin Hassett said European allies had been really accommodative and that U.S. reserves hold crude while Europe's can include refined product. Three sources told Reuters officials discussed a French proposal for Europe to release 50 million barrels of diesel and IEA members 50 million barrels of crude; it was unclear if the G7 adopted those volumes. The statement gave no crude-diesel breakdown. IEA Executive Director Fatih Birol said about two-thirds of a 400-million-barrel March release had already gone out. Ole Hansen of Saxo Bank said the main stress is refined product supply, not crude.
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Coordinating this through a G7 call is fine but it won't fix the underlying supply issues long term.
Releasing 100 million barrels with diesel front-loaded should ease shortages at the pump before winter sets in.
