{"id":466748,"date":"2026-10-02T18:57:32","date_gmt":"2026-10-02T16:57:32","guid":{"rendered":"https:\/\/www.eunews.it\/2026\/10\/02\/riunione-straordinaria-del-g7-in-allarme-sul-petrolio-rilasceremo-100-milioni-di-barili-in-4-mesi\/"},"modified":"2026-10-02T19:19:12","modified_gmt":"2026-10-02T17:19:12","slug":"extraordinary-g7-meeting-amid-oil-crisis-we-will-release-100-million-barrels-over-four-months","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2026\/10\/02\/extraordinary-g7-meeting-amid-oil-crisis-we-will-release-100-million-barrels-over-four-months\/","title":{"rendered":"Extraordinary G7 meeting amid oil crisis: \u201cWe will release 100 million barrels over four months\u201d"},"content":{"rendered":"

Brussels \u2013 The release of 100 million barrels of oil over four months, a commitment \u201cnot to impose restrictions on the export of energy and energy products\u201d between countries, and \u201ca call on all producers to refrain from imposing bans that could exacerbate tensions in the markets.\u201d These are the decisions taken by the G7 leaders during the extraordinary video conference organised to address \u201cthe increasingly critical challenges to our energy security.\u201d In the end, the US secured what it had long been demanding of its European allies \u2013 the release of oil reserves \u2013 while the Europeans tried to come to terms with this concession, avoiding the worst-case scenario: a complete ban on US diesel exports, which Trump had raised fears of in recent days. At the conclusion, the heads of state and government of France, Italy, Germany, the United Kingdom, Canada, the US, and Japan have issued a joint statement<\/a> stated that they had adopted \u201cdecisive and coordinated measures\u201d because \u201cthe volatility of the oil markets<\/strong>\u201d is<\/strong> \u201cunprecedented<\/strong>\u201d and \u201cthe surge in prices threatens the economic stability and well-being of our citizens.<\/strong>\u201d <\/p>\n

Specifically, the leaders agreed to coordinate \u201cmaintenance plans at G7 refineries to avoid simultaneous disruptions to production capacity\u201d and to \u201ctemporarily increase utilisation rates where possible.\u201d Furthermore, \u201cwe encourage dialogue with countries possessing significant refining capacity to increase global production<\/strong> of refined products, in particular diesel, in light of current market pressures in this sector.\u201d The leaders also call upon the International Energy Agency (IEA), asking it \u201cto monitor the immediate and full implementation of the commitments made in March 2026,\u201d when the first decision to release oil stocks was taken. For this reason, \u201ctaking into account the commitments already fulfilled, we will implement our commitments through the coordinated release<\/strong>, via the IEA<\/strong>, of 100 million barrels<\/strong> (MB) over a period of four months, starting immediately.<\/strong>\u201d This measure \u201cwill include a substantial and early release of diesel \u2013 by G7 members and partners \u2013 within the first 20 days.\u201d But that is not all. The situation is so volatile and worrying that the leaders say they are prepared to take further measures: \u201cIn the coming days, we will meet within the IEA to discuss, if necessary, the possibility of further releases of diesel.<\/strong>\u201d <\/p>\n

There will be no ban on exports, however. “We reaffirm our commitment to refrain from imposing restrictions on the export of energy and energy products amongst G7 countries, and we urge all producers to avoid bans that could exacerbate market tensions.<\/strong>” And \u201cwe call on the IEA to monitor the impact of such measures on energy security and market stability, as well as the implementation of the commitments made.
\nA follow-up report should be delivered before 20 days, include actionable recommendations to enhance future responses, including stocks replenishment,\u201d the leaders write. Finally, the statement condemns<\/strong> \u201cIran\u2019s ongoing attacks against neighbouring countries in the region and its actions disrupting international trade<\/strong>, energy security, and the global economy\u201d; calls for \u201cthe full and immediate restoration of navigation rights and principles<\/strong> in the Strait of Hormuz\u201d and expresses appreciation<\/strong> for<\/strong> \u201cthe commitment of the United States<\/strong> to ensuring the free flow of trade through the Strait of Hormuz.\u201d <\/p>\n

Today\u2019s meeting was convened by President Emmanuel Macron<\/strong>, as France is set to hold the rotating presidency of the G7 in 2026. \u201cWe have agreed to work in a coordinated manner to help reduce the prices of petroleum products<\/strong>, particularly diesel,\u201d he told the press. \u201cI hope that all this will accompany and trigger a fall in prices on world markets,\u201d he added, emphasising that \u201cmarkets have already started to fall since the announcement of this meeting, and this should normally lead to a drop in the prices of both crude oil and diesel.\u201d <\/p>\n

The French President was keen to make it clear that the decisions taken were not the result of pressure from President Trump on European allies to release their strategic diesel reserves. \u201cThe tone of our discussions was not one of threats, but a constructive one. We have all committed together to releasing these strategic reserves,\u201d Macron continued. Furthermore, \u201cwe have all committed to ensuring there is no export ban. In particular, President Trump was very clear on this point, and I think that is very positive,\u201d he emphasised. That may be so, but from across the Atlantic it is Trump himself who is commenting<\/b><\/a> with satisfaction: \u201cEurope has just decided to release a huge quantity
\nof their heavily stocked diesel oil. The process will begin immediately.\u201d <\/p>\n

At the extraordinary summit, the Prime Minister Giorgia Meloni<\/strong> \u201cshared\u201d with the other leaders \u201cthe government\u2019s measures to limit the impact of price rises on households and businesses: the cap on fuel prices agreed with the major oil companies, measures regarding excise duties, and the proposals put forward by Italy to the European Commission.\u201d Furthermore, \u201cshe advocated coordinated action on stocks, focusing on diesel, and reiterated the proposal for a structured dialogue between the G7 and the Gulf states.\u201d Meanwhile, the measures announced have been welcomed<\/b><\/a> \u201cfavourably\u201d by the President of the European Council, Ant\u00f3nio Costa<\/b>, who emphasised that the issue will be on the agenda at the European Council meeting on 15 and 16 October. \u201cThis crisis also underscores the importance of reducing our dependence on fossil fuels and accelerating the transition to homegrown energy sources,\u201d concluded the President of the European Council. Praise<\/b><\/a> also came from the President of the European Commission, Ursula von der Leyen<\/b>. \u201cOur citizens need and deserve affordable energy,\u201d and \u201cwe support a coordinated release of fuel stocks by the IEA, while
\nstaying the course on the clean transition, to gain more energy security,\u201d she wrote. <\/p>\n

At the same time, the energy crisis was also being discussed in Brussels: ambassadors from the European Member States met to discuss the situation because, according to some sources, the diesel market is \u201ccurrently characterised by significant tension, which is leading to high prices for consumers worldwide.\u201d The European Commission also took part in the meeting, with officials from the Directorate-General for Energy providing an update on the current situation and on the coordination taking place at EU level, including within the G7. Sources indicate that the Irish Presidency of the Council of the EU will continue to work with EU Member States on the global energy situation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Macron has given assurances that the move does not constitute a concession to President Trump\u2019s demands. Among the other measures adopted are a commitment not to impose restrictions on energy exports between countries and a call for all producers to refrain from imposing bans that could exacerbate tensions in the markets<\/p>\n","protected":false},"author":7874,"featured_media":466732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","show_comment_section":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[30800],"tags":[36072,30204,29727,26280,26231,26246,26002,27500,29646,36073,29164,33394,26104,25921],"class_list":["post-466748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-barili","tag-coast-en","tag-ban-en","tag-export-en","tag-g7-en-2","tag-macron-en","tag-meloni-and","tag-petroleum-en","tag-restrictions-en","tag-rilascio-scorte","tag-trump-en","tag-ue","tag-usa-en-2","tag-von-der-leyen-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/466748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/users\/7874"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/comments?post=466748"}],"version-history":[{"count":1,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/466748\/revisions"}],"predecessor-version":[{"id":466749,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/466748\/revisions\/466749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media\/466732"}],"wp:attachment":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media?parent=466748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/categories?post=466748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/tags?post=466748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}