G7 Plans Four-Month Release of 100 Million Barrels of Oil

The G7 and partner governments plan to supply markets with 100 million barrels of oil over four months, beginning with a substantial diesel release whose size has not been specified, as refined-fuel disruptions tighten markets and U.S. diesel prices remain near a record.

The national average diesel price was $6.37 a gallon on Oct. 2, down from a record $6.53 on Sept. 22. The planned release could add fuel to markets in the near term, but it will not restore refinery output or shipping flows.

The 100 million barrels are to reach markets over four months. The plan does not specify the diesel volume, the amount to be released in the first 20 days or contributions from individual countries. The International Energy Agency (IEA) will monitor implementation and report back within 20 days. The G7 also plans to discuss whether further diesel releases are needed.

The announcement follows an emergency action in March, when the IEA’s 32 member countries agreed to make 400 million barrels available after disruptions linked to the conflict in the Middle East. The G7 tasked the agency with monitoring implementation of those commitments, accounting for commitments already fulfilled. The statement does not describe the 100 million barrels as an additional release on top of the March commitment.

The G7 reaffirmed that its members would avoid restricting energy exports to one another and urged other producers to avoid export bans that could add pressure to markets.