G7 to release 100 million barrels of diesel and other reserves through IEA - Reuters

The Group of Seven (G7) industrialized nations has agreed to make available a total of 100 million barrels of petroleum products from strategic reserves. The release will comprise both diesel and crude oil that are held under the oversight of the International Energy Agency (IEA).

The IEA will coordinate the drawdown of the reserves, drawing on stockpiles contributed by the participating G7 members. The combined volume is intended to be supplied to markets that are experiencing heightened demand or supply constraints.

The decision was taken amid ongoing volatility in global energy markets and concerns about potential shortages, particularly in Europe. Officials indicated that the release is aimed at mitigating short‑term supply pressures and supporting price stability.

The IEA will oversee the allocation of the released barrels, ensuring that the fuel reaches regions where it is most needed. The agency also said it will monitor market developments and stand ready to adjust the volume of releases if circumstances change.