IEA and G7 authorize emergency oil reserve release amid global supply crisis

In response to escalating global energy instability caused by the U.S.-Iran conflict and disruptions in Ukraine, the International Energy Agency (IEA) and the G7 have announced the coordinated release of 100 million barrels of crude oil and diesel. This measure, officially confirmed on October 7, 2026, aims to mitigate record-high fuel prices and address critical supply chain vulnerabilities. French Prime Minister Sébastien Lecornu concurrently announced that France will contribute 10 million barrels of diesel from its strategic reserves, following an executive decision by President Emmanuel Macron.

The initiative follows warnings from Saudi Aramco CEO Amin Nasser, who stated on October 5 that global reserves have dropped to under 6 billion barrels, with nearly 1 billion consumed since the start of the current crisis. Nasser cautioned that replenishing these levels could take up to two years. While global markets show some price volatility, with Brent crude recently hovering near $100, the IEA is prioritizing the release of diesel due to acute shortages caused by damage to refining infrastructure in the region and Russia. Member states are expected to meet again next week to evaluate the impact and determine if further releases are required.