G7 agrees coordinated release of 100m barrels to ease global energy market pressure

International

LONDON, United Kingdom (NPA) — Leaders of the Group of Seven (G7) countries have agreed on coordinated measures to stabilise global energy markets, including the immediate release of 100 million barrels of oil through the International Energy Agency (IEA) over four months.

The decision followed a virtual meeting by G7 leaders on Friday to address what they described as deepening challenges to global energy security amid unprecedented volatility in oil markets.

The leaders said surging energy prices were threatening economic stability and the well-being of citizens, prompting measures aimed at stabilising immediate energy supplies, protecting households and businesses from price shocks and strengthening the long-term resilience of global energy systems.

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Under the agreement, G7 countries will coordinate maintenance schedules across their refineries to prevent simultaneous capacity shutdowns and temporarily increase utilisation rates where feasible.

The G7 also encouraged countries with significant refining capacity to increase production of refined products, particularly diesel, in response to ongoing market pressures.

The leaders requested the IEA to monitor the immediate and full implementation of commitments made in March 2026.

“Taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels (MB) to begin immediately over four months,” the leaders said.

They said the release would include a substantial frontloaded diesel release within the first 20 days by G7 members and partners.

The G7 said it would meet through the IEA in the coming days to consider additional diesel releases if necessary.

The leaders also reaffirmed their commitment to refrain from imposing energy and energy-product export restrictions among G7 countries, while calling on all producers to avoid bans that could further increase market tensions.

They invited the IEA to monitor the impact of the measures on energy security and market stability, as well as implementation of the commitments.

According to the statement, the IEA is expected to deliver a follow-up report before 20 days, including actionable recommendations to improve future responses and address the replenishment of strategic stocks.

The G7 condemned what it described as Iran’s continued attacks against regional neighbours and disruption of international trade, energy security and the global economy.

“We call for the immediate and full restoration of navigational rights and principles in the Strait of Hormuz and express our determination to redouble our collective efforts to that end,” the leaders said.

They commended the United States for its efforts to ensure the free flow of commerce through the Strait of Hormuz.

The G7 also said it would maintain sanctions against Russia while working with the IEA and global partners to prevent further spillovers into fuel, gas and other commodity markets.

The leaders said concerns among citizens over energy prices remained a top priority and pledged to continue monitoring developments and adjust measures where necessary.

“Today’s agreements mark a step toward a more secure, transparent and resilient energy future,” the statement said.