G7 Leaders’ Statement on global energy security and market stability
G7 leaders pledged coordinated action to stabilize volatile energy markets, including coordinated oil releases and refinery maintenance schedules, while condemning regional attacks and reaffirming sanctions against Russia.
The G7 leaders convened a virtual meeting to address rising energy market volatility, particularly in oil and diesel, which threatens economic stability and household budgets. They agreed to coordinate refinery maintenance schedules to prevent simultaneous shutdowns and temporarily increase utilization rates where possible. The leaders also called on countries with significant refining capacities to boost global production of refined products, especially diesel, to ease current market pressures.
To stabilize supplies, the G7 will implement a coordinated release of 100 million barrels over four months through the IEA, with a frontloaded substantial diesel release within the first 20 days by G7 members and partners. They will convene with the IEA in the coming days to discuss additional diesel releases if necessary, and request the IEA to monitor immediate implementation of these commitments.
The G7 reaffirmed its commitment to avoid export restrictions on energy and energy products among member countries and urged all producers to refrain from imposing bans that could worsen market tensions. They condemned Iran’s attacks on regional neighbors and disruptions to international trade and energy security, calling for the restoration of navigational rights in the Strait of Hormuz.
The leaders emphasized that citizens’ concerns about energy prices remain a top priority and pledged to monitor developments closely, adjusting measures as needed. They also committed to maintaining sanctions against Russia while working with the IEA and global partners to prevent further spillovers into fuel, gas, and other commodity markets.