06/10/2026 by Cameron Clarke
In an emergency virtual meeting, the leaders of the G7 countries have agreed to release 100 million barrels from their strategic diesel and oil reserves.
The meeting was called amid the rising cost of diesel in global markets and suggestions that the US could implement an export ban on diesel. US-based oil majors like ExxonMobil and Chevron, the makers of the Mobil and Texaco grease and lubricant ranges, have large refineries in the US. Disruptions to supplies from other sources, however, have fed into an increase in domestic diesel prices in the US. The deal implies that an export ban will be avoided.
President Macron of France said about the meeting:
“We have all committed together to releasing these strategic reserves in the proportions I mentioned, with a focus on diesel, and we are all committed to ensuring there are no export bans, and President Trump, in particular, was very clear on this point.”
European refineries produce enough diesel to meet about 70% of domestic demand, but the continent relies on imports to meet the remaining demand. Macron said the G7 nations will be releasing considerable volumes of diesel stocks over the first 20 days. Further releases were to be discussed among ministers in the following days.
The release of emergency stocks should provide some short-term relief to global energy markets. In the longer term, however, the disruptions in the global supply of oil, fuels and gas will need to be resolved before markets can truly settle again.
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