G7 releases 100 million barrels of oil to lower prices: a Trump move?

Last updated 10/2/2026

On October 2, 2026, G7 countries announced a coordinated decision to release "up to 100 million barrels" of crude oil and diesel from their strategic reserves over a four-month period, with the aim of mitigating the global surge in fuel prices. This announcement was made by French President Emmanuel Macron, in his capacity as President of the G7, following a videoconference meeting. The release of these reserves will be coordinated by the International Energy Agency (IEA), encompassing nations such as Canada and Japan, in addition to European members.

There is a strong general consensus that the G7 will release 100 million barrels of oil to lower prices, a decision announced by Macron according to RT. The main divergence lies in the attribution of the initiative, with Western popular sources mentioning a "threat" from Trump in the background, while ZeroHedge (Dissident/Libertarian) sees it as a sign of...

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