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Probably not by much, Australian Energy Minister Chris Bowen says. The G7 action could add oil and diesel to global supply, but Bowen said its direct effect on Australia may be limited and did not put a figure on any possible effect at Australian petrol pumps. The newly reported release is 100 million barrels over four months, according to AAP; the International Energy Agency (IEA) confirmed the leaders discussed supply options but did not confirm those specific terms.
What the G7 agreed to—and what is confirmed
AAP reported that G7 leaders agreed to release 100 million barrels of crude oil and diesel over four months through the IEA. That is the reported size and schedule of the new action, not a figure independently confirmed in the IEA’s account of the 2 October 2026 meeting.
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The IEA said the leaders discussed severe pressure on diesel supply, considered available options and asked the agency to continue its work. It did not specify a 100-million-barrel release or a four-month timetable in its meeting account. Read the IEA’s account of the meeting.
This October action is separate from the IEA’s earlier collective response. On 11 March 2026, IEA member countries agreed to make 400 million barrels of emergency oil stocks available. By 2 October, about 325 million barrels of that March action had been released. The IEA’s March announcement described the earlier release; it should not be added to or confused with the newly reported G7 figure.
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Why Bowen expects a limited Australian effect
Bowen welcomed the G7 measures, particularly the United States’ confirmation that it did not intend to restrict diesel supply. He told reporters: “I do welcome the actions of G7, particularly the confirmation by the United States that they are not intending to put any restrictions on diesel supply.”
He estimated that only about two per cent of Australia’s fuel came from the United States, so the US decision is more significant for international fuel movements than as a direct source of extra Australian supply. “Australia hasn’t been getting much diesel or fuel from the United States, about two per cent but … any restrictions on exports are a blow to international fuel movements,” he said, as reported by AAP.
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Bowen said the G7 release might not have much impact on Australia, while adding that more fuel flowing through the market was better for everyone. His comments are not a firm prediction that Australian supply or prices will remain unaffected.
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What the figures say about Australian fuel supply
Figures reported by AAP on 3 October, attributed to Bowen, put Australia’s fuel on hand at 41 days of petrol, 32 days of diesel and 28 days of jet fuel. AAP also reported 50 supply ships headed to Australian ports and 3.6 billion litres contracted for delivery over the following four weeks.
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These are dated national supply figures, not a guarantee that every location or fuel type will be insulated from disruption. Bowen also described a 20 per cent reduction in Australia’s minimum stock obligation requirements; that domestic requirement is distinct from the IEA’s international stockholding commitment.
IEA member countries are committed to holding emergency stocks equivalent to at least 90 days of net imports, with flexibility in how they implement that commitment. It is an obligation for IEA members, not proof of Australia’s specific domestic minimum stock requirement. The IEA explains its emergency-response system here.
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What is known about petrol and diesel prices
AAP reported early-October national capital-city averages from Petrol Pulse of A$2.38 per litre for unleaded 91 and A$2.85 per litre for diesel. Those are price snapshots, not a forecast, and they do not show whether the G7 decision caused prices to rise or will make them fall.
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