G7 Leaders' Statement on global energy security and market
stability.
"Today, we, the Leaders of the G7, convened a virtual meeting to
address the deepening challenges to our energy security. Facing
unprecedented volatility in oil markets - with surging prices
threatening economic stability and the well-being of our citizens
- we have agreed on decisive, coordinated measures to stabilize
immediate energy supplies, shield households and businesses from
price shocks, and strengthen the long-term resilience of global
energy systems.
We will coordinate maintenance schedules across G7 refineries to
prevent simultaneous capacity shutdowns and temporarily increase
utilization rates where feasible. We also encourage engagement
with countries holding significant refining capacities to boost
global production of refined products, particularly diesel, in
light of ongoing market pressures in this segment. The G7
requests the IEA to monitor the immediate and full implementation
of the March 2026 commitments. In this regard, taking into
account commitments that have already been fulfilled, we will
implement our commitments with a coordinated release through the
IEA of 100 million barrels (MB) to begin immediately over 4
months, including a frontloaded substantial diesel release within
the first 20 days by G7 members and partners. We will convene in
the context of the IEA in the coming days to discuss the
possibility of additional diesel releases as necessary.
We reaffirm our commitment to refrain from export restrictions on
energy and energy products between G7 countries and call on all
producers to refrain from imposing bans that could exacerbate
market tensions.
We invite the IEA to monitor the impact of these measures on
energy security and market stability and to monitor
implementation of commitments. A follow-up report should be
delivered before 20 days, include actionable recommendations to
enhance future responses, including stocks replenishment.
We condemn Iran's continued attacks against its regional
neighbours and its disruption of international trade, energy
security and the global economy. We call for the immediate and
full restoration of navigational rights and principles in the
Strait of Hormuz and express our determination to redouble our
collective efforts to that end. We commend the United States for
its efforts to ensure the free flow of commerce through the
strait of Hormuz.
We will maintain sanctions against Russia while working with the
IEA and global partners to prevent further spill overs into fuel,
gas, and other commodity markets.
Our citizens' concerns about energy prices remain a top priority.
We will monitor developments closely and stand ready to adjust
measures as needed. Today's agreements mark a step toward a more
secure, transparent, and resilient energy future."
