INTERNATIONAL — G7 leaders agreed Friday to release 100 million barrels from reserves over four months as they respond to pressure on global fuel supplies and prices.

The October 2 statement says the release will begin immediately through International Energy Agency coordination, with substantial diesel supplies released within the first 20 days by members and partners.

A coordinated response

Leaders also pledged to coordinate refinery maintenance and increase utilization where feasible. They reaffirmed their commitment to avoid energy export restrictions between G7 countries.

The agreement implements existing March commitments after accounting for supplies already released. It should not be described as 100 million barrels of diesel alone.

The Canadian connection

Canada is a G7 member. The statement provides no country-by-country allocation and does not establish how much Canadian pump prices will change.

Leaders requested an assessment within 20 days and will consider further diesel releases through the IEA.

Source: G7 leaders’ statement, October 2.

Supporting image: AI-generated energy illustration from TNC’s archive; not a photograph of today’s meeting.