The Group of Seven (G7), in coordination with the International Energy Agency, will release up to 100 million barrels of diesel and other oil reserves over the next four months, according to a joint G7 leaders' statement released by the Elysee Palace on Friday (Oct. 2).
G7 leaders held a virtual meeting earlier in the day to address growing energy security challenges. According to the statement, the G7 will coordinate maintenance schedules across refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible.
The statement also reaffirmed the G7's commitment to refrain from export restrictions on energy and energy products between G7 countries and called on all producers to refrain from imposing bans that could exacerbate market tensions.
French President Emmanuel Macron said after the meeting that the G7 had agreed not to impose export restrictions or bans among its members, noting that U.S. President Donald Trump had also been "very clear" on this point. These decisions "should bring down fuel prices," he added.
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