G7 Agrees to Release Up to 100 Million Barrels of Oil and Diesel to Cool Fuel Prices
The G7 agreed on 2 October to release up to 100 million barrels of crude and diesel from strategic reserves over four months. The decision was taken at a video conference convened by French President Emmanuel Macron and will be coordinated through the International Energy Agency (IEA). Prices had surged after the US-Israel conflict with Iran disrupted Gulf supply - the same disruption that saw Indian seafarers rescued in the Strait of Hormuz. It follows the IEA's record 400-million-barrel release agreed in March 2026. Cheaper crude eases India's import bill, since India buys over 85 per cent of its oil abroad.
The IEA was set up in 1974 after the 1973 oil shock and is headquartered in Paris; India has been an IEA Association country since 2017 | IEA members are required to hold emergency oil stocks equal to 90 days of net imports | The G7 comprises the US, UK, France, Germany, Italy, Canada and Japan, with the EU also participating