G7 Coordinates Oil Release and Condemns Iranian Attacks
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On October 2, 2026, after a virtual meeting, G7 leaders issued a statement announcing the release of 100 million barrels of oil coordinated through the IEA, to be implemented over 4 months starting immediately, with G7 members and partners releasing a large amount of diesel first within the first 20 days. The statement also called for coordinating national refinery maintenance schedules to avoid simultaneous shutdowns of capacity, and asked the IEA to monitor the implementation of the March 2026 commitment and submit a follow-up report within 20 days. The statement condemned Iran's attacks on neighboring countries in the region and their disruption of international trade and energy security, and demanded the immediate and full restoration of navigation rights in the Strait of Hormuz.
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- European Commission Press CornerG7 Leaders Issue Statement on Energy Security and Market Stability
After holding a virtual meeting, G7 leaders announced they will coordinate the release of 100 million barrels of oil through the IEA, to be implemented over 4 months starting today, with G7 members and partners releasing a large amount of diesel first within the first 20 days. The G7 also called for coordinating national refinery maintenance schedules to avoid simultaneous shutdowns of capacity, and asked the IEA to monitor the implementation of the March 2026 commitment, submitting a follow-up report within 20 days. The statement condemned Iran's attacks on neighboring countries in the region and its disruption of international trade and energy security, and demanded the immediate and full restoration of navigation rights in the Strait of Hormuz.
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