The Group of Seven (G7) industrial nations announced on October 2, 2026, that they will release 100 million barrels of oil over the next four months, starting with significant amounts of diesel. This decision comes as diesel prices in the United States reached record highs, prompting President Donald Trump to state that the diesel release would occur 'immediately.' The national average price for a gallon of diesel was reported at $6.37, following a peak of $6.52 on September 22, according to AAA.
The G7's statement, released after a videoconference chaired by French President Emmanuel Macron, indicated that the International Energy Agency (IEA) would coordinate the release. The G7 committed to a coordinated effort, emphasizing that the initial release would include a substantial amount of diesel within the first 20 days.
In the context of rising fuel prices, some U.S. Republicans had suggested that Trump should consider banning diesel exports to lower domestic prices. However, the G7 reaffirmed its commitment to refrain from imposing export restrictions among member countries. The statement called on all producers to avoid bans that could worsen market tensions.
Trump had discussions with Macron regarding the need to address fuel prices and the availability of petroleum products. He also participated in the G7 meeting to negotiate the release of European diesel stockpiles. As the midterm elections approach, Trump has been actively campaigning to support his party's chances in the elections, expressing frustration over public perception of his economic policies despite claiming significant achievements.