Intervention in Energy Markets from G7: 100 Million Barrels of Oil Will Be Released

Leaders of G7 countries decided to release a total of 100 million barrels of diesel and other oil reserves within 4 months, under the coordination of the International Energy Agency (IEA), in order to stabilize global energy markets.

Following the online meeting of G7 leaders, a joint statement on global energy security and market stability was published.

In the statement, it was stated that the leaders discussed the challenges to energy security, and that unprecedented fluctuations and rising prices in oil markets threaten economic stability and the welfare of citizens.

The statement stated that an agreement was reached on coordinated measures to stabilize energy supplies, protect households and businesses from price shocks, and strengthen the long-term resilience of global energy systems.

The statement noted that the maintenance schedules of refineries in G7 countries will be coordinated to prevent simultaneous capacity losses, and that capacity utilization rates in possible facilities will be temporarily increased.

In the statement, it was stated that global refined product production will be increased by contacting countries with high refining capacity, especially due to the pressures in the diesel market.

In the statement, it was stated that the IEA was requested to monitor the full implementation of the March 2026 commitments and that the release of 100 million barrels from the reserves would begin immediately under the coordination of the IEA and that this would be spread over a 4-month period.

In the statement, it was reported that G7 members and partners will release a significant amount of diesel within the first 20 days, and the possibility of using additional diesel stocks if needed will be discussed within the IEA in the coming days.

In the statement, it was stated that there will be no restrictions on the export of energy and energy products among the G7 countries, and "We call on all producers to avoid imposing bans that may worsen market tensions."

In the statement, it was noted that the IEA will monitor the effects of the measures on energy security and market stability and the implementation of the commitments, and that the IEA will prepare a follow-up report within 20 days, including feasible recommendations that will strengthen future interventions, including refilling stocks.

"We condemn Iran's ongoing attacks against its regional neighbors and its disruption of international trade, energy security and the global economy," the statement said, calling for the immediate and complete restoration of navigation rights and principles in the Strait of Hormuz.

In the statement, it was stated that joint efforts on the Strait of Hormuz would be increased.

In the statement, it was stated that the sanctions against Russia will continue and that it will work with the IEA and global partners to prevent the spread of additional negative effects on fuel, natural gas and other commodity markets.

The statement underlined that the public's concerns regarding energy prices continue to be a priority and noted that the developments will be closely monitored and measures will be adapted when necessary.

The G7's decision eased concerns about supply congestion, pushing oil prices down slightly. The barrel price of Brent oil decreased by 2.2 percent compared to the previous closing, falling to 100 dollars as of 17.50 GMT.