G-7 countries to release up to 100 million barrels of diesel and crude oil reserves

A semi-truck refuels in Texas in August.Brandon Bell / Getty ShareAdd NBC News to GoogleOct. 2, 2026, 10:22 AM EDTBy Steve KopackMember countries in the Group of Seven agreed on Friday to release tens of millions of barrels of diesel fuel and crude oil, the latest move by industrial economies around the world to cap soaring gas prices.

Following a G-7 videoconference hosted by French President Emmanuel Macron, U.S. President Donald Trump said, “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.”

“The process will begin immediately,” Trump posted on Truth Social.

Gas prices have soared since the U.S. and Israel attacked Iran on Feb. 28. But diesel in particular saw a renewed surge this summer after the Russia-Ukraine war escalated in July. Since late February, the average price of U.S. diesel has surged 70% to $6.37 per gallon.

The release will be as much as 100 million barrels over the course of four months, the G-7 said in a statement. It noted that there would be a “substantial diesel release within the first 20 days.”

In March, countries that are members of the International Energy Agency approved a release of 400 million barrels of crude oil. That helped to partially ease the energy supply problem, but prices continued to rise.

As of Friday, prices still remain sharply elevated since the Iran war began. Brent crude oil, which was down 3% in anticipation of the news, still hovered above $100 per barrel. Since the start of the year, Brent prices are up more than 60% still.

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FOR SUBSCRIBERSA sluggish Congress punts a long list of tasks until after the electionFOR SUBSCRIBERSIt’s rarely been harder for people to find new jobsFOR SUBSCRIBERS‘Some of the medication has worn off’: Witness recalls failed Tennessee execution of Christa PikeFOR SUBSCRIBERS‘Couldn’t let all of them die’: Hero Indian pilot attacked midair speaks for first time FOR SUBSCRIBERSHow Trump’s homelessness crackdown became a sweeping retreat from disability rightsFOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlightFOR SUBSCRIBERSJudge guts noncitizen voting law used in Trump administration’s election pushFOR SUBSCRIBERSTrump to campaign in at least 17 states ahead of the midtermsFOR SUBSCRIBERSThe prosecutor at the center of the Cornell maelstromFOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decisionFOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummetedFOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supportersFOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplementFOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio raceFOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife“American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage,” Treasury Secretary Scott Bessent wrote on X late Thursday.

At the same time, Trump is openly considering a U.S. diesel export ban, which would hit EU countries, as well as the United Kingdom, particularly hard.

Earlier on Friday morning, the European Union said it “fully rejects any ban on diesel.”

“A ban would not be beneficial to anyone,” a European Commission spokeswoman told reporters in a briefing.

Steve KopackSteve Kopack is a senior reporter at NBC News covering business and the economy.