The Leaders of the G7 countries convened a virtual meeting to address the deepening challenges to their energy security.
In a press statement, the G7 countries said, “Facing unprecedented volatility in oil markets – with surging prices threatening economic stability and the wellbeing of our citizens – we have agreed on decisive, coordinated measures to stabilize immediate energy supplies, shield households and businesses from price shocks, and strengthen the long-term resilience of global energy systems.”
The G7 countries are the intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The world’s most powerful economic forum further says, “We will coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible. We also encourage engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel, in light of ongoing market pressures in this segment.”
The G7 requests the IEA to monitor the immediate and full implementation of the March 2026 commitments. In this regard, taking into account commitments that have already been fulfilled, the G7 will implement their commitments with a coordinated release through the lEA of 100 million barrels (MB) to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners. They will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary.
The G7 reaffirmed their commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions.
They invited the lEA to monitor the impact of these measures on energy security and market stability and to monitor implementation of commitments. A follow-up report should be delivered before 20 days, include actionable recommendations to enhance future responses, including stocks replenishment.
The G7 leaders condemned Iran’s continued attacks against its regional neighbours and its disruption of international trade, energy security and the global economy. They call for the immediate and full restoration of navigational rights and principles in the Strait of Hormuz and express our determination to redouble our collective efforts to that end. They also commend the United States for its efforts to ensure the free flow of commerce through the strait of Hormuz
The G7 leaders said, “Our citizens’ concerns about energy prices remain a top priority. We will monitor developments closely and stand ready to adjust measures as needed. Today’s agreements mark a step toward a more secure, transparent, and resilient energy future.”
