The Group of Seven (G7) nations will coordinate the release of 100 million barrels (mmbbl) of diesel and other energy reserves through the International Energy Agency (IEA) to help stabilize global energy markets, Reuters reported citing a joint statement issued by G7 leaders on Friday, October 2.

The coordinated release will begin immediately and run over four months, with G7 members and partner countries planning to frontload a significant portion of the diesel release during the first 20 days, the statement said.

The initiative, announced through the office of French President Emmanuel Macron, is aimed at strengthening global energy market stability amid ongoing market pressures.

The G7 said the coordinated action will be implemented through the IEA, with participating countries drawing on available reserves to support energy supply and market stability.

The decision comes amid surging diesel prices and supply disruptions linked to the Iran war, which have reduced Middle Eastern fuel exports and increased Europe’s reliance on US diesel imports.

It also follows US pressure on European countries to release emergency diesel stocks, with Washington previously warning that failure to do so could lead to a US diesel export ban. The latest action also follows a 400-million-barrel emergency stock release coordinated by the IEA in March, of which member countries had released about two-thirds as of this week, according to IEA Executive Director Fatih Birol.