Leaders from the G7 nations convened virtually today, 2 October 2026, to address challenges to energy security and volatility in oil markets. They agreed on coordinated measures, including an immediate release of 100 million barrels of oil over four months, to stabilise supplies and protect households and businesses from price shocks.
The plan includes a frontloaded substantial diesel release within the first 20 days by G7 members and partners. The G7 also requested the International Energy Agency (IEA) to monitor the implementation of these commitments and to deliver a follow-up report within 20 days.
Additionally, G7 leaders committed to coordinating maintenance schedules across G7 refineries to prevent simultaneous shutdowns and to temporarily increase utilisation rates where possible. They also called on all producers to refrain from imposing export restrictions on energy and energy products.
The G7 condemned Iran's ongoing attacks against its regional neighbours and its disruption of international trade and energy security. The leaders also stated they would maintain sanctions against Russia while working with the IEA and global partners to prevent further market spill-overs.