By John Ainger | Updated on Oct 07, 2026 at 11:04 AM
European Union countries are in broad agreement that a Group of Seven deal announced last week for an emergency release of as much as 100 million barrels of diesel and crude stocks will in fact just enact previous commitments rather than requiring additional volumes.
At a meeting of EU member state officials Wednesday morning, there was broad agreement that any further release of oil stockpiles should stay within the amounts agreed back in March, according to a memo seen by Bloomberg. Several countries would like to see an impact assessment carried out by the International Energy Agency, the document shows.
Last week’s emergency deal, struck by the G7 and announced by French President Emmanuel Macron, came after the Trump administration threatened European countries with a diesel export ban if they didn’t do more to quell record prices for the fuel. Oil and diesel futures fell after that announcement. EU countries so far only released around half of the oil volumes they committed in March, according to the memo.
Front-loading diesel releases — a key part of the last week’s pact - would be possible but in low volumes, and no EU nation explicitly committed to doing so within a 20-day window, according to the memo. France and Italy might consider releasing some extra diesel beyond their March commitments, but no decision has yet been made.
Read more: G7 to Release Up to 100 Million Barrels of Diesel, Crude
Spokespeople for both countries in Brussels could not immediately be reached for comment. A spokesperson for the EU didn’t immediately reply to a request for comment. The International Energy Agency, which oversees global stock releases, is due to have talks · at 1 p.m. Paris time, according to people familiar with the matter.
Diesel prices have soared amid the war in Iran and attacks on Russian refineries, putting pressure on Trump to bring down fuel costs, especially for farmers , ahead of US midterm elections. The European Commission, the bloc’s executive branch, has previously said that there’s currently no risk to supplies, though has acknowledged a price crisis.
Wednesday’s meeting of the IEA’s governing board will be an initial discussion about the releases to establish more clarity on how to take the process forward, according to people familiar with the matter. The board will convene next week for its regularly scheduled quarterly gathering, the people said.
EU nations will meet again at 4 p.m. Wednesday via a meeting of the bloc’s Energy Union Task Force.