Eu Day Light

G7 leaders held a virtual meeting to address developments related to global energy security and market stability. The leaders agreed on coordinated measures aimed at stabilizing energy supplies, protecting households and businesses from price shocks, and strengthening the long-term resilience of global energy systems.

In a joint statement issued by G7 leaders, it was agreed to coordinate maintenance schedules at G7 refineries to prevent capacity reductions from occurring at the same time and to temporarily increase refinery utilization rates where possible.

The statement said that, due to continued pressures particularly in the diesel market, engagement with countries that have significant refining capacity was encouraged in order to increase global production of refined products.

The International Energy Agency (IEA) was asked to monitor the implementation of commitments made in March 2026. Taking into account commitments already fulfilled, it was announced that G7 countries and their partners would coordinate the release of 100 million barrels of strategic reserves through the IEA over four months.

It was noted that significant volumes of diesel fuel would be prioritized for release during the first 20 days of the reserve drawdown. G7 countries will also meet within the IEA framework in the coming days to discuss the release of additional diesel reserves if necessary.

G7 leaders reiterated their commitment to avoiding export restrictions on trade in energy and energy products among G7 countries. All producers were also urged to avoid bans that could increase market tensions.

The IEA was asked to monitor the impact of the measures taken on energy security and market stability and to track the implementation of the commitments. The IEA was requested to submit, before the end of the 20-day period, a follow-up report containing actionable proposals to strengthen future responses and recommendations on replenishing strategic reserves.

The statement also included assessments of Iran's attacks on countries in the region and the disruptions they caused to international trade, energy security and the global economy. It called for the immediate and full restoration of navigation rights and principles in the Strait of Hormuz.

G7 leaders said joint efforts toward this goal would be stepped up and expressed appreciation for the United States' efforts to ensure the free flow of trade through the Strait of Hormuz.

The leaders said sanctions against Russia would remain in place and that they would work with the IEA and global partners to prevent possible impacts on fuel, natural gas and other commodity markets.

The statement said concerns over energy prices remained among the priority issues, adding that developments would be closely monitored and the measures taken would be updated when necessary.