Germany is releasing up to 15 million barrels of oil and petroleum products, prioritizing diesel and heating oil over crude, to help achieve the G7's 100 million barrel target. This effort follows pressure from the US to tap European reserves as domestic US diesel prices hit a record $6.50 a gallon and tensions rose between the US and Iran. While Poland has signaled its willingness to release stocks if others join, the IEA has already depleted nearly a sixth of its emergency oil since March.
Tuesday, October 20, 2026
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G7 Releases 100M Barrels of Oil to Curb Record Diesel Prices
Commodities12 days ago
France will meet 20% of its national road diesel demand from November to January by releasing 10 million barrels from its strategic reserves. The government plans to sell the fuel at a "book value" of €0.28 per liter to reduce national average pump prices by €0.12 to €0.18 per liter. France is the first member of the Group of Seven (G7) to provide such specific operational targets for its contribution to the coordinated emergency release.
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