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Oct 2, 2026 6:55 PM - Connect Newsroom - Ramandeep Kaur with files from The Canadian Press

G7 Allies to Release 100 Million Barrels of Oil to Curb Rising Prices

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G7 countries to release 100 million barrels of oil to ease surging prices. (Photo: The Canadian Press)

Canada and its G7 allies have agreed to release 100 million barrels of oil from emergency reserves to help ease surging global oil prices. A significant portion of the supply will be diesel, as prices for the fuel have reached record levels in Canada, the U.S. and other countries.

Canada’s average diesel price stood at around $2.63 per litre on Thursday, while prices in major cities such as Vancouver were close to $2.71 per litre. The higher costs have placed additional financial pressure on truck drivers and farmers.

Canada, the United States, the United Kingdom, France, Germany, Italy, Japan and the European Union are expected to release a large volume of diesel into the market within the next 20 days.

Canada is the only G7 country without a strategic oil reserve. However, the federal government has said it will make a full contribution in coordination with its international partners.

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