The Leaders of the G7 convened a virtual meeting to discuss challenges to energy security on October 2, 2026. They acknowledged volatility in oil markets, with rising prices impacting economic stability and citizens' well-being. The leaders agreed on coordinated measures to stabilize energy supplies, protect households and businesses from price fluctuations, and enhance the resilience of global energy systems.
The G7 plans to coordinate maintenance schedules across refineries to avoid simultaneous shutdowns and will temporarily increase utilization rates where possible. They also encourage collaboration with countries that have significant refining capacities to increase global production of refined products, particularly diesel, due to ongoing market pressures. The G7 has requested the International Energy Agency (IEA) to monitor the implementation of commitments made in March 2026. They will release 100 million barrels of oil over four months, including a significant diesel release within the first 20 days by G7 members and partners. Additional diesel releases will be discussed in upcoming IEA meetings as necessary.
The leaders reaffirmed their commitment to avoid export restrictions on energy products among G7 countries and urged all producers to refrain from imposing bans that could worsen market tensions. The IEA is invited to assess the impact of these measures on energy security and market stability, with a follow-up report expected within 20 days, including recommendations for future actions.
The G7 condemned Iran's attacks on regional neighbors and disruptions to international trade and energy security, calling for the restoration of navigational rights in the Strait of Hormuz. They commended the United States for its efforts to ensure free commerce in the area.
Sanctions against Russia will remain in place while the G7 works with the IEA and global partners to mitigate further impacts on fuel, gas, and commodity markets. The leaders emphasized that addressing citizens' concerns about energy prices is a top priority and stated they are prepared to adjust measures as necessary. The agreements reached are seen as a step toward a more secure and resilient energy future.