G7 leaders agree to release ‘up to 100 million barrels’ of petroleum reserves

G7 leaders have agreed to release “up to 100 million barrels” of strategic petroleum reserves “within four months”, French President Emmanuel Macron has said.

Macron also wrote on X that G7 members had agreed to “take no measures to restrict the exchange of energy and petroleum products between partner countries”.

Foreign secretary Ed Miliband was due to stand in for Andy Burnham on a call with G7 leaders on Friday, to discuss world energy markets, while the Prime Minister attends his father’s funeral.

Macron wrote on social media: “I just brought together the G7 leaders to discuss the global energy situation.

“We agree to work in a coordinated manner to help bring down the prices of petroleum products, particularly diesel.”

A joint G7 leaders’ statement after the virtual meeting read: “Facing unprecedented volatility in oil markets – with surging prices threatening economic stability and the well-being of our citizens – we have 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.

“We will coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilisation rates where feasible.

“We also encourage engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel, in light of ongoing market pressures in this segment.

“The G7 requests the IEA (International Energy Agency) to monitor the immediate and full implementation of the March 2026 commitments.

“In this regard, taking into account commitments that have already been fulfilled, we will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.”