The Group of Seven major economies agreed to release 100 million barrels of diesel and crude oil from emergency stockpiles, according to reports from Jornal Económico and other outlets. The decision, announced on Friday, October 2, 2026, follows pressure from US President Donald Trump, Jornal Económico reports. The move is aimed at slowing the rise in diesel prices.
The International Energy Agency also announced the release of 100 million barrels of oil reserves, according to Investing.com Brasil. News of the coordinated release pushed oil prices lower, InfoMoney reports. The G7 groups the world's wealthiest economies, and the joint action marks a coordinated effort to calm energy markets.
The reports did not specify the breakdown of the release between diesel and crude, nor the timeline for delivering the barrels to market. The G1 report described the action as a release of both diesel and petroleum reserves under pressure from Trump. UOL Economia reported the figure as 100 million barrels intended to curb diesel price increases.
What to watch next: whether the release is enough to hold diesel and crude prices down, and whether the IEA or G7 provide further details on the size and timing of the deliveries.
