G7 and IEA agree a coordinated 100-million-barrel release of diesel and other emergency oil stocks as Hormuz disruption keeps prices high

On 2 October 2026 the G7, under the French presidency of Emmanuel Macron, announced a coordinated release of 100 million barrels of diesel and other emergency petroleum stocks through the International Energy Agency (IEA), spread over four months with a substantial diesel release front-loaded within the first 20 days. Members also pledged not to impose energy export restrictions on one another and urged producers to do likewise. The move follows a record IEA release of 400 million barrels in March 2026 and seeks to ease diesel prices that rose after the Iran war disrupted the Strait of Hormuz.