G7 leaders met virtually and issued a statement, published on 2 October 2026, describing coordinated measures to address what they called unprecedented volatility in oil markets, with surging prices threatening economic stability. They planned to coordinate refinery maintenance schedules across G7 countries to avoid simultaneous capacity shutdowns and to temporarily raise utilization rates where feasible.

The statement said the G7 would carry out a coordinated release through the International Energy Agency of 100 million barrels over 4 months, beginning immediately, including a frontloaded diesel release within the first 20 days by G7 members and partners. Leaders planned to meet in the IEA context in the following days to discuss possible additional diesel releases. They asked the IEA to monitor implementation of the March 2026 commitments and deliver a follow-up report before 20 days.

The statement condemned Iran's attacks on regional neighbours and called for full restoration of navigational rights in the Strait of Hormuz, commending US efforts on commerce through the strait. It reaffirmed opposition to energy export restrictions among G7 countries and said sanctions against Russia would be maintained. These were plans and positions reported on 2 October 2026.