G7 agrees to coordinated refinery maintenance, 100 million-barrel oil release to ease market pressure

G7 leaders have agreed on a coordinated set of measures to address heightened volatility in global oil markets, including synchronising refinery maintenance, increasing refinery utilisation where possible and releasing 100 million barrels of oil over four months.

The measures were outlined in a G7 Leaders’ Statement on global energy security and market stability issued after a virtual meeting. The group said surging oil prices were threatening economic stability and putting pressure on households and businesses.

The G7 said it would coordinate maintenance schedules across member-country refineries to avoid simultaneous capacity shutdowns that could further tighten fuel supplies.

The group will also seek to temporarily increase refinery utilisation rates where feasible. It called for engagement with countries that have significant refining capacity to increase global production of refined petroleum products, particularly diesel, amid continuing market pressures.

The statement asks the International Energy Agency (IEA) to monitor the immediate and full implementation of commitments made in March 2026.

Taking into account commitments that have already been fulfilled, the G7 said it would implement its latest commitments through the IEA via a coordinated release of 100 million barrels over four months.

A substantial portion of the release will be frontloaded during the first 20 days, with G7 members and partners planning a significant diesel release. The group said it would meet with the IEA in the coming days to consider whether additional diesel releases are required.

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No new energy export restrictions among G7

The G7 also reaffirmed its commitment to refrain from imposing export restrictions on energy and energy products between member countries. It called on energy-producing nations to avoid export bans that could intensify market tensions.

The IEA has been asked to monitor the impact of the measures on energy security and market stability and track implementation of the commitments. A follow-up report is expected within 20 days and will include recommendations for future responses, including potential stockpile replacements.

Strait of Hormuz remains a key concern

The G7 statement also addressed disruption to energy trade through the Strait of Hormuz, a critical route for global oil and gas shipments.

The group condemned Iran’s continued attacks against regional neighbours and what it described as disruption to international trade, energy security and the global economy.

The G7 called for the immediate and full restoration of navigation rights and principles in the Strait of Hormuz and said it would step up collective efforts towards that objective.

It also commended the United States for efforts to ensure the free flow of commerce through the waterway.

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Russia sanctions to remain

The G7 said it would maintain sanctions against Russia while working with the IEA and other global partners to prevent further spillovers into fuel, gas and other commodity markets.

The group said energy prices remain a priority for its citizens and that it would continue monitoring developments and adjust measures if necessary.

The coordinated stock release and refinery measures are intended to provide near-term supply support while the G7 works on longer-term resilience in global energy markets.