G7 nations to release 100 million barrels from emergency reserves amid soaring oil prices

Gasoline prices are seen at a Shell gas station in Houston, on October 2, 2026. Oil prices have risen sharply since US President Donald Trump and US ally Israel launched the war against Iran in late February. PIC/PTI

The Group of Seven wealthy democracies said Saturday that they plan to release 100 million barrels of oil and fuel products in the coming weeks from their emergency reserves, starting with "substantial" amounts of diesel after the fuel recently hit record high prices in the United States.

US President Donald Trump said the diesel release would happen "immediately," echoing a G7 promise to start "immediately" with a "frontloaded substantial release" of diesel within the next 20 days and the rest over four months.

Trump and his Republican Party face pressure to address surging prices ahead of the November 3 midterm elections, and Trump announced the action on Saturday on social media. The president's approval ratings on the economy hit a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased US prices for oil and other goods.

French President Emmanuel Macron said the unity should bring down prices. PIC/PTI

The G7 countries are Canada, France, Germany, Italy, Japan, the UK and the US, plus EU representation. "This common decision and this unity should bring down prices," French President Emmanuel Macron said. "The volumes we're releasing should also add liquidity to the market and bring down prices."

In addition to the rise in the price of the crude oil from which diesel is made, other factors include the decision by Russia to ban exports due to Ukrainian drone strikes on its refineries. Europe does not import Russian diesel, but other buyers of Russian diesel such as Turkey and Latin American countries must now compete with Europe for available barrels.

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