G7 Sets 100 Million-Barrel Release as Europe Limits Extra Draws

The Group of Seven agreed to coordinate the release of 100 million barrels of crude oil and diesel over four months, but European Union members are leaning toward completing earlier commitments rather than making large new withdrawals from strategic reserves.

The plan will be coordinated through the International Energy Agency (IEA). It calls for a substantial diesel release during the first 20 days, followed by additional crude and fuel supplies through the remainder of the four-month period.

European governments have not clearly committed to extra inventory releases within that initial window. Their preferred approach is to bring forward diesel volumes already scheduled under commitments made in March, potentially leaving the amount of genuinely new supply below the headline 100 million barrels.

Officials are concerned that drawing down reserves too quickly could reduce their ability to respond to another supply disruption as Middle East supply chains remain vulnerable and winter energy demand rises. The release may affect crude prices, inflation expectations and broader risk-market sentiment, including markets tied to crypto assets.