G7 Agrees to Release 100 Million Oil Barrels

G7 countries agreed to release 100 million barrels of crude oil and petroleum products from emergency reserves over four months to ease fuel-price pressure amid supply disruptions linked to conflicts in Iran and Ukraine, with the effort coordinated through the International Energy Agency. As part of the U.S. contribution, the Department of Energy is offering companies up to 40 million barrels of crude from the Strategic Petroleum Reserve through exchanges requiring recipients to return the same volume plus additional barrels; deliveries are scheduled for November and December 2026. A substantial amount of diesel is expected to reach markets in the first 20 days, and President Donald Trump said the United States would not pursue a diesel export ban, while G7 members pledged to avoid energy-export restrictions among themselves. Oil prices fell after the announcement, but analysts cautioned that the release may only temporarily ease prices because of refining and production constraints. An oil analyst also cited weak buyer interest, and lubricant-market reporting noted that additional crude would not directly relieve shortages of specialized Group III base oils.