On Friday, 2 October, G7 nations reached an agreement to draw down 100 million barrels of diesel and crude oil from their strategic reserves, a move prompted by a request from US President Donald Trump aimed at easing upward pressure on fuel costs amid the ongoing conflict between the United States and Iran.
In a Friday statement, G7 leaders noted that a virtual gathering had been convened among them to take up growing pressures on the bloc's energy supplies. The G7 announced plans to work alongside the International Energy Agency to draw down 100 million barrels from national emergency stockpiles across a four-month window starting immediately, describing the action as a coordinated response to volatility in oil markets that had placed pressure on household and business energy costs and on the broader stability of global energy supply.
A front-weighted allocation of diesel fuel is set to flow during the opening three weeks, while G7 nations and allied partners have left open the possibility of coordinating further releases through the IEA framework if the situation warrants it.
Seven nations — the United States, United Kingdom, Canada, Japan, Germany, Italy, and France — form the bloc's membership, with the European Union holding a standing presence at its gatherings. Pledging to keep energy trade flowing freely among G7 members, the bloc also urged all producing nations to hold back from supply restrictions that might unsettle global markets.
This latest move follows an earlier position from Trump, who had put forward the prospect of halting diesel shipments out of the United States unless European partners agreed to release additional quantities from their own reserves. In a social media post, he stated that Europe had agreed to release a considerable quantity of diesel oil from its existing stockpiles.
The G7 statement called on the IEA to track how those measures affect both energy security and market stability, as well as to assess whether commitments are being honoured, with the process set to get under way without delay. The G7 nations also called on Iran to halt what they described as attacks on neighbouring states in the region, along with actions they said were undermining international trade, energy security, and the broader global economy; separately, a follow-up report covering actionable steps to strengthen future responses — including restocking of supplies — was requested within a 20-day window.
Calling for unimpeded passage through the Strait of Hormuz to be reinstated without delay or qualification, the group pledged to intensify its joint push toward that objective, while acknowledging the role played by the United States in keeping commercial traffic moving through the waterway.
