G7 Agrees 100M-Barrel Oil Release to Cool Diesel Crisis — Freight Costs May Ease

G7 leaders have agreed to release 100 million barrels of diesel and crude through the International Energy Agency over four months, beginning immediately — including a frontloaded “substantial diesel release” within the first 20 days by G7 members and partners. The decision followed a video call convened by France’s president on October 2.

Crucially, the group also committed to refrain from export restrictions on energy between G7 countries — effectively ruling out the US diesel export ban that had been floated. President Trump announced on Truth Social that Europe had agreed to release “a massive amount of diesel” immediately. Brent crude settled Friday near $102.25, while European diesel futures fell about 5% on the news.

Why it matters for e-commerce: the diesel crunch had pushed freight surcharges as high as $600 per container for importers in late September. A coordinated release should ease diesel and refining-margin pressure, offering relief on China-to-UK/USA shipping costs in the weeks ahead — just in time for peak-season inventory movements.

Sources: Reuters, CNA (October 2, 2026)