BRUSSELS, 5th October, 2026 (WAM) - The European Commission welcomed a decision by the G7 to release significant stocks of diesel and oil, and believes the move will have a positive impact on prices in EU member states, Commission spokeswoman Anna-Kaisa Itkonen told reporters today.
In recent days, the US administration urged Germany and France to help bring down rising global fuel prices by releasing diesel from emergency reserves. Washington also threatened that otherwise, these countries could face a ban on diesel exports from the US.
G7 leaders subsequently agreed on a “coordinated release of 100 million barrels through the International Energy Agency (IEA), beginning immediately and continuing over the next four months, and including the priority release of a significant volume of diesel in the first 20 days by G7 countries and partners”.
However, the declaration did not specify how much diesel each country would release.
“We welcome the G7 decision,” the Commission spokeswoman said today.
She particularly welcomed the countries’ rejection of any export ban, which the United States had previously threatened. “Protecting households and businesses from price shocks remains a priority for us,” Itkonen added.
She did not specify how many barrels of diesel and oil each country would release either. “That decision is up to the International Energy Agency,” the spokeswoman added.