G7 Leaders Agree Coordinated Release of 100 Million Barrels Through the IEA
The leaders of the Group of Seven held a virtual meeting on October 2 and issued a joint statement on global energy security and market stability, published the same day in Ottawa by the Prime Minister's Office of Canada. Facing unprecedented volatility in oil markets, with surging prices threatening economic stability and the well-being of citizens, the leaders said they had agreed on decisive, coordinated measures to stabilise immediate energy supplies, shield households and businesses from price shocks and strengthen the long-term resilience of global energy systems.
The centrepiece is a coordinated release of emergency oil stocks through the International Energy Agency (IEA): G7 members and partners will implement a coordinated release of 100 million barrels, to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days. The G7 will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary.
On supply, the G7 will coordinate maintenance schedules across refineries to prevent simultaneous capacity shutdowns and temporarily increase utilisation rates where feasible, and encourages engagement with countries holding significant refining capacity to boost global production of refined products, particularly diesel. The leaders reaffirmed their commitment to refrain from export restrictions on energy and energy products between G7 countries and called on all producers to refrain from bans that could exacerbate market tensions. The IEA was asked to monitor implementation and impact, including of the March 2026 commitments.
The statement also condemned Iran's continued attacks against its regional neighbours and its disruption of international trade, energy security and the global economy, and called for the immediate and full restoration of navigational rights and principles in the Strait of Hormuz. The leaders said they will maintain sanctions against Russia while working with the IEA and global partners to prevent further spillovers into fuel, gas and other commodity markets.
Source: Prime Minister's Office, Canada
Published by GSM · USA (original Chinese edition)
Photo: 图：暮色中的炼油厂与油轮（资料图）。七国集团同意协调释放1亿桶石油储备。图片来源：W.carter 摄，Wikimedia Commons，CC BY-SA 4.0。EN: An oil refinery and tanker at dusk (file photo). The G7 agreed to a coordinated release of 100 million barrels of oil reserves. Image: photo by W.carter, via Wikimedia Commons, CC BY-SA 4.0.
