G7 Leaders Urge Strong Action for Global Energy Security and Market Stability

G7 Leaders Address Energy Security Challenges

Today, the leaders of the G7 convened a virtual meeting to tackle the escalating challenges facing global energy security. Amidst an unprecedented surge in oil market volatility, rising prices pose significant threats to economic stability and the welfare of our citizens. In response, we have reached an agreement on decisive, coordinated measures aimed at stabilising immediate energy supplies, protecting households and businesses from price shocks, and bolstering the long-term resilience of global energy systems.

Coordinated Measures for Energy Stability

To mitigate the impact of these challenges, we will coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and will temporarily increase utilisation rates where possible. Furthermore, we encourage collaboration with nations that possess substantial refining capacities to enhance global production of refined products, particularly diesel, in light of the ongoing pressures within this segment. The G7 has tasked the International Energy Agency (IEA) with overseeing the immediate and thorough implementation of the commitments made in March 2026.

In this context, and considering prior commitments that have already been fulfilled, we will begin a coordinated release of 100 million barrels (MB) through the IEA over the next four months. This will include a significant diesel release within the first 20 days, involving G7 members and partners. We will reconvene under the auspices of the IEA in the coming days to discuss the necessity of additional diesel releases as required.

Commitment to Open Energy Trade

We reaffirm our commitment to avoid imposing export restrictions on energy and energy products among G7 nations and urge all producers to refrain from implementing bans that could exacerbate market tensions. The IEA is invited to assess the impact of these measures on energy security and market stability while monitoring the fulfilment of our commitments. A follow-up report is expected within 20 days, providing actionable recommendations to improve future responses, including replenishment of stocks.

Condemnation of Regional Aggression

We strongly condemn Iran’s ongoing attacks against its regional neighbours, which disrupt international trade, energy security, and the global economy. We call for the immediate and comprehensive restoration of navigational rights and principles in the Strait of Hormuz, expressing our determination to intensify our collective efforts in this regard. We commend the United States for its actions to ensure the free flow of commerce through this vital maritime route.

Sanctions and Monitoring Energy Prices

Our citizens’ concerns regarding energy prices remain a top priority. We will closely monitor developments in the market and remain prepared to adjust measures as necessary. Today’s agreements signify a crucial step towards a more secure, transparent, and resilient energy future, ensuring that we are better equipped to face the challenges that lie ahead.