G7 agrees to release 100 million barrels of oil and diesel as Trump drops export-ban threat

The Group of Seven said on Friday it will release 100 million barrels of oil from emergency reserves over the next four months — starting with a "substantial" front-loaded diesel release within 20 days — in a bid to cool record fuel prices, with the International Energy Agency coordinating the effort. The G7 also pledged to refrain from energy export restrictions; President Trump withdrew his earlier threat of a US diesel-export ban, telling reporters it was "never really on the table" despite raising the idea repeatedly over the past two weeks. The move comes as US diesel averaged $6.37 a gallon on Friday, according to AAA, after hitting a record $6.52 on September 22, driven by the eight-month war involving Iran, the Russia-Ukraine conflict and Ukrainian strikes on Russian refineries.

Source: Associated Press, October 2, 2026. https://foxrochester.com/news/nation-world/g7-nations-agree-to-release-100m-barrels-of-oil-including-diesel-a-boost-for-trump-iran-war-conflict-nuclear-weapon-strait-of-hormuz-gasoline-gas-prices-president-donald-trump