At the invitation of President Emmanuel Macron of France, which holds the 2026 G7 Presidency, IEA Executive Director Fatih Birol took part in a G7 Leaders' video meeting today to discuss the situation in global energy markets, particularly the severe pressures on diesel supplies.
The meeting was attended by President Donald Trump of the United States, Chancellor Friedrich Merz of Germany, Prime Minister Mark Carney of Canada, Prime Minister Giorgia Meloni of Italy, President Ursula von der Leyen of the European Commission, UK Foreign Secretary Ed Miliband and Japanese Vice Minister of Foreign Affairs Kazuya Endo.
In his remarks, Dr Birol underlined that the energy market impacts of the Strait of Hormuz crisis remain acute, especially in diesel markets, and the IEA's ongoing work to support energy security. He noted that around 325 million barrels of the IEA collective action announced on 11 March have so far been released, representing over 80% of the 400 million barrels originally pledged in the action. This has played a significant role in plugging the supply gap and reassuring markets in such unprecedented times.
While crude oil exports from the Middle East have recovered significantly, he said, refined-product flows remain severely constrained, with Ukrainian attacks on Russian refineries exacerbating the situation for diesel. This is resulting in tighter markets and higher prices, creating significant economic risks.
Dr Birol highlighted the options available to G7 countries to help stabilise near-term energy supplies and to strengthen longer-term resilience.
In their communique, G7 Leaders asked the IEA to take this work forward in the coming days and weeks. Dr Birol thanked the G7 Leaders for their trust.
