The Group of Seven (G7) has agreed to coordinate the release of 100 million barrels of oil and refined products through the International Energy Agency (IEA) in an effort to ease pressure on global energy markets.

The agreement was reached during a virtual meeting of G7 leaders on Friday as countries grapple with tight fuel supplies, particularly diesel, and rising energy prices.

Under the plan, the 100 million barrels will be released over four months, with a significant volume of diesel expected to enter the market within the first 20 days. The G7 also said it would consider further diesel releases if market conditions require additional intervention.

The IEA said the energy market situation remains particularly difficult for diesel, with disruptions to refined-product flows contributing to tighter supplies and higher prices.

The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

The group also agreed to coordinate refinery maintenance schedules to reduce the risk of several facilities shutting down at the same time. Where possible, G7 countries will increase refinery utilisation to support fuel production.

The bloc called on countries with significant refining capacity to increase output of refined petroleum products, especially diesel, to help address shortages in the international market.

The G7 further asked the IEA to monitor the implementation of the measures and provide a follow-up assessment within 20 days, including recommendations on replenishing emergency reserves.

The decision comes after the IEA had already coordinated a much larger emergency stock release earlier in 2026. In March, IEA member countries agreed to make 400 million barrels available to the market following major disruptions to oil supplies linked to the Middle East conflict.

The IEA said on Friday that about 325 million barrels from that earlier action had already been released, representing more than 80 per cent of the 400 million barrels initially pledged.