Why it is in the news
On 2 October 2026, leaders of the Group of Seven (G7), in a call convened by French President Emmanuel Macron (holder of the 2026 G7 presidency), agreed to release 100 million barrels of crude oil and petroleum products from emergency reserves over four months, coordinated through the International Energy Agency (IEA), with a front-loaded, substantial diesel release in the first 20 days. US President Donald Trump, who had threatened to ban US diesel exports amid record pump prices, then said the US would not impose a ban.
The exam angle
Issue: Emergency oil stocks are again the frontline tool against a geopolitical supply shock, exposing the limits of stock releases and the gaps in India's own buffers.