G7 to Release 100 Million Barrels of Oil Reserves Via IEA

11:35 AM EDT, 10/02/2026 (MT Newswires) -- The Group of Seven nations have agreed to implement a coordinated release of 100 million barrels of diesel and other oil reserves through the International Energy Agency, starting immediately and over four months, in a bid to stabilize energy supplies, according to a statement posted Friday on the website of French President Emmanuel Macron. The release includes "a frontloaded substantial diesel release within the first 20 days by G7 members and partners," according to the statement. "We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary." "Europe has just agreed to release a massive amount of their heavily stocked diesel oil. The process will begin immediately," President Donald Trump said in a post on Truth Social.