A joint statement on energy security and market stability, released by G7 leaders following a virtual gathering, laid out a series of proposed steps. Four months of coordinated petroleum releases totalling 100 million barrels form the centrepiece of a package that G7 leaders endorsed, alongside plans to align refinery maintenance schedules and push utilisation rates higher where capacity allows.
The group's published notice pointed to fuel price increases as a potential drag on the wider economy, adding that households and businesses alike faced growing financial pressure as a result. Energy costs for residents topped the list of priorities the organisation outlined, with a pledge to keep tracking how the situation unfolds and to recalibrate any measures should circumstances warrant it.
Factoring in pledges already delivered, the group announced it would channel its newest obligations through the International Energy Agency, drawing down a combined 100 million barrels across a four-month window. Of the total volume being made available, the opening 20 days will carry the bulk of the drawdown, with G7 nations and their partners directing a portion toward diesel supplies.
Staggered maintenance windows across refineries in member countries became the focus of a G7 coordination plan aimed at keeping multiple facilities from going offline at the same time and placing further pressure on fuel availability. Refinery utilisation rates are also on the table for a short-term uplift, contingent on operational conditions permitting.
Outreach to nations holding substantial refinery infrastructure was recommended as a way to lift worldwide output of processed petroleum — diesel in particular — at a time when supply-side pressures remain a factor in the market. Talks with the IEA were expected to take place within the next few days, with the organisation set to examine whether further diesel releases would be needed.
Under the joint document, the International Energy Agency would be tasked with tracking whether the pledges entered into in March 2026 are carried out in full and without delay. Responsibility for watching how those measures affect energy security and market stability — along with tracing whether the pledged commitments are being carried out — has been assigned to the IEA.
Within a 20-day window, a further assessment is due, one that will lay out guidance on handling future situations of this kind, including options for replenishing any depleted stockpiles. Tapping strategic petroleum reserves while adjusting refinery operations forms a short-term buffer for supply, as the G7 pursues broader structural changes to strengthen energy market stability over time.
A pledge against placing export restrictions on energy and energy-related products flowing among member nations was renewed by the G7. Energy-producing nations received a call to keep export pathways open, with restrictions on outbound supply identified as a factor that could push commodity markets toward greater instability.
Potential disruptions to oil and gas flows through the Strait of Hormuz — a waterway handling a substantial share of global energy shipments — drew attention in the G7 statement as well. Members of the group voiced opposition to what they characterised as Iran's ongoing military and political actions against neighbouring states, arguing those activities posed a threat to the flow of international trade, the stability of energy supplies, and broader global economic health.
Pledging to intensify joint action toward that end, the G7 issued a call for freedom of navigation through the Strait of Hormuz to be restored without delay or qualification. Praise for steps taken by the United States to keep trade moving freely along the waterway was also included in the statement.
Sanctions against Russia are set to remain in place under the G7's stated position, with the group also pledging to coordinate alongside the IEA and other international partners to limit any further disruption spreading across fuel, gas, and broader commodity markets.
