G7 Unveils Plan to Release 100 Million Barrels of Oil Amid Price Surge

WHO:

ABC News - The Group of Seven (G7) wealthy democracies, which includes Canada, France, Germany, Italy, Japan, the U.K., and the U.S., plus EU representation.

ABC News - President Donald Trump.

ABC News - French President Emmanuel Macron.

WHAT:

ABC News - The G7 nations agreed to release 100 million barrels of oil and fuel products.

ABC News - The release will start with “substantial” amounts of diesel.

ABC News - The diesel release is set to happen “immediately” within the next 20 days, with the remainder over four months.

ABC News - The national average for a gallon of diesel in the U.S. was $6.37, after hitting a record $6.52 on September 22.

ABC News - The G7's decision follows a previous announcement in March to release 426 million barrels of oil and products.

WHERE:

ABC News - The announcement was made during videoconference talks chaired by Macron.

ABC News - The U.S. and Europe are specifically mentioned regarding diesel prices.

WHEN:

ABC News - The G7 plans to start the diesel release within the next 20 days and continue over four months.

ABC News - The midterm elections in the U.S. are scheduled for November 3.

WHY:

ABC News - The coordinated release aims to address surging fuel prices and avoid a potential ban on U.S. diesel exports.

ABC News - Rising prices are attributed to the ongoing Iran war and trade battles affecting U.S. oil prices.

HOW:

ABC News - The G7 agreed not to limit energy exports to each other despite calls for a U.S. export ban on diesel.

ABC News - Trump negotiated the release of European diesel stockpiles during a call with Macron and a subsequent G7 meeting.

(UPDATED October 3, 2026 16:25 UTC)

The Group of Seven, which includes Canada, France, Germany, Italy, Japan, the U.K., and the U.S., has agreed to release 100 million barrels of oil and fuel products, starting with substantial amounts of diesel set to happen immediately within the next 20 days. This decision, made during videoconference talks chaired by French President Emmanuel Macron, aims to address surging fuel prices, which have seen the U.S. national average for a gallon of diesel reach $6.37 after hitting a record high of $6.52 recently. President Trump played a key role in negotiating the release of European diesel stockpiles during discussions with Macron and at a subsequent G7 meeting.