G7 releases 100 million barrels of oil after war in Iran, fuel prices rise

The Sky TG24 special on the war in Iran

Oil, stocks and fuel prices: what's happening after the war in Iran

THE RELEASE OF STOCKS

Yesterday the G7 launched the release of 100 million barrels of oil supplies. A choice, the one announced by Macron, which the USA agrees with given that criticism had come from Washington regarding the use of reserves by the main European countries. This was discussed in the episode of "Numeri", the Sky TG24 program which aired on 2 October 2026.

THE INCREASE IN BARREL PRICES

Since the beginning of the war in Iran, the prices of petrol and diesel have increased significantly, reaching just above 2 euros and 2.2 euros respectively.

THE DISCOUNTS

To date, several petrol pumps have started to apply discounts and approximately one in three apply them: Eni's discounts are present throughout almost the entire national territory; for Ip and Q8 they are around a third while Esso is still in its initial phase. Tamoil, however, has just announced it and the adjustment is underway.

THE FURTHER ENI CONCESSION

Eni also announced a 20% wholesale fuel discount until October 31st for all vehicles used for agriculture and fishing.

THE DECLINE IN US STOCKS

Europe's decision to release part of its strategic reserves certainly makes the United States happy, which since February has been the country that has seen its reserves drop the most, by around 32%.

THE WORDS OF THE AIE PRESIDENT

The president of the IEA Faith Birol had said it clearly a few days ago, underlining how an important part of the barrels was still in reserves.

HOW MANY MILLIONS OF BARREL RESERVES HAVE BEEN RELEASED

Since March, according to some sources, 400 million barrels of oil have been released globally.

THE ACTUAL RELEASE

Of these, however, 260 million have actually been released, while 140 million have not yet been released.

WHERE THEY COME FROM

Of the 260 million released, 172 million would come from the USA; around 60 million from Japan and 12 million from South Korea. There remains a residual part of countries, which instead sent smaller stocks.

HOW MANY HAS THE EUROPEAN UNION RELEASED

Among these is the European Union, which has released around 35 million barrels since March.

THE INCREASE IN THE PRICE OF GAS

The price of gas is also increasing, reaching 1.6 euros per cubic meter for vulnerable customers in September 2026: it is the highest price in recent years, also higher than that of December 2022, following the invasion of Ukraine.

THE COST ON THE CONTINENT IN RECENT YEARS

This is despite the price of gas in Europe being at its lowest, 74 euros per megawatt hour compared to 340 in 2022.

THE ROLE OF BONUSES

The reason is linked to the bonuses of the time, which alleviated the total cost and even made the State pay, which paid 9 cents per cubic meter in taxes and charges. Today, in the absence of bonuses, the charges cost around 45 cents.