G7 Leaders Commit to a 100 Million Barrel Coordinated Oil Release Through the IEA Over Four Months

G7 leaders committed on Oct. 2 to a coordinated release of 100 million barrels of oil through the International Energy Agency, to begin immediately and run over four months. The statement calls for a "frontloaded substantial diesel release within the first 20 days" by G7 members and partners.

The commitment responds to a shortage most acute in diesel, where prices are straining households and businesses. It is also designed to complete pledges member countries made in March rather than add a new one.

G7 Says the 100 Million Barrels Implement March 2026 Commitments

The leaders said they will implement their commitments "taking into account commitments that have already been fulfilled," and asked the IEA to monitor full implementation of the March 2026 action. They also said they will meet within the IEA framework in the coming days to discuss additional diesel releases if needed.

Spread evenly over four months, 100 million barrels would equal about 830,000 barrels per day, Oil Authority calculations show. The front-loaded diesel portion means actual volumes are likely to be higher at the start.

G7 Refiners Will Coordinate Maintenance to Avoid Simultaneous Shutdowns

The statement commits members to coordinate maintenance schedules across G7 refineries, to prevent simultaneous shutdowns, and to raise utilization temporarily where feasible. Leaders also encouraged engagement with countries holding large refining capacity to raise production of refined products, particularly diesel.

The leaders reaffirmed their commitment to refrain from export restrictions on energy between G7 countries. They called on all producers to avoid bans that could worsen market tensions.

The IEA is asked to deliver a follow-up report within 20 days, with recommendations that include replenishing stocks.

Leaders Condemn Iran's Attacks and Call for Restored Hormuz Navigation

The G7 condemned what it called Iran's continued attacks against its regional neighbours and its disruption of international trade. It called for the immediate and full restoration of navigational rights in the Strait of Hormuz, and commended U.S. efforts to that end.

UK Maritime Trade Operations recorded two further attacks on Oct. 2, including a crude oil tanker struck on its port side 4 nautical miles east of Oman.

ICE Brent December Settles at $102.25 After the Statement

ICE Brent December futures settled at $102.25 per barrel on Oct. 2, down 6 cents on the day. January Brent settled at $98.71, leaving December $3.54 above January.

Physical prices were far higher. The U.S. Energy Information Administration's Europe Brent spot price was $135.51 on Oct. 2, and its WTI spot price at Cushing, Oklahoma, was $97.89.

The EIA's U.S. retail diesel average was $6.382 per gallon on Sept. 28. ICE Endex TTF November futures settled at 74.76 euros per megawatt hour on Oct. 2.

The IEA said in its September Oil Market Report that world oil demand would fall by 2.5 million barrels per day in 2026, with losses concentrated in middle distillates and petrochemical feedstocks.

Baker Hughes Counts 598 U.S. Rigs as Gas Rigs Fall to 133

Baker Hughes counted 598 U.S. rigs in the week ended Oct. 2, down one, with oil rigs at 456 and gas rigs at 133. Canada's count rose eight to 216.

Rig counts respond to prices over weeks rather than days, so the G7 announcement has no effect on this week's figures.

Canada Signs On as Alberta's WCS Differential Sits at US$23.75

The statement was issued by the leaders of all seven G7 members, including Canada, and published by the Office of the Prime Minister. Alberta Treasury Board and Finance reported the WTI-WCS differential at US$23.75 per barrel on Oct. 1, with front-month WTI at US$92.87.

That implies Western Canada Select near US$69.12, Oil Authority calculations show. A sustained decline in WTI from released stocks would flow directly to Canadian heavy crude prices.

IEA Member Governments Meet Next as the 20-Day Report Clock Runs

IEA member governments are expected to meet in the coming days to consider further diesel releases, and the agency's follow-up report is due within 20 days. OPEC+ countries also meet on Oct. 4 to review November output.