France to release 10 million barrels of diesel from emergency reserves: Lecornu

France has agreed to release 10 million barrels of diesel from its emergency reserves to try and curb rising fuel prices after a G7 commitment to draw down more stocks, its Prime Minister Sebastien Lecornu ​announced in a national address Oct. 7.

"Last Friday, President Macron convened ​an emergency meeting of the ​G7, which decided to mobilize strategic reserves ‌in ⁠a coordinated manner. As part of this effort, we will make 10 million barrels of diesel ​from our ​reserves available," Lecornu told reporters, saying the decision could shave prices at the pump by around €0.12 to €0.18 per liter.

His comments follow a pledge from the International Energy Agency to try and accelerate the pace of its 400 million barrel stock release, which was announced in March but still has 100 million barrels left to complete. After mounting pressure from the US for other countries to release stocks, the G7 said its member states would prioritize getting diesel to the market within 20 days.

As part of the collective action in March, France committed to release 14.6 million barrels of oil, without specifying whether those volumes would be crude or oil products. In a Oct. 7 note, analysts at US investment bank JP Morgan estimated that France had already released 3 million barrels of diesel, and still has around 61 million barrels in reserve.

Together with Germany, the country is home to one of the largest stockpiles of diesel. According to reporting from Politico, the country was directly approached by the US administration last week urging for it to release stocks, as the White House threatened the prospect of a potential diesel export ban in effort to cut domestic prices.

In an interview with Platts, part of S&P Global Energy, Keisuke Sadamori, the IEA's former director of energy markets and security, observed that Asia Pacific was the only region to fully implement its IEA stock release commitments, and even overfulfill them thanks to extra injections from Japan.

"North America released about three-quarters, while in the case of Europe, they released just a little more than 60% of the agreed amount," he said. "So, in that respect, I think it is really important for them to complete their stock release as agreed."

As a gesture of goodwill to the government and consumers, the French oil company TotalEnergies has committed to cap prices for diesel and gasoline across its retail stations. The French government has additionally committed €1.4 billion in targeted relief to soften the impact of rising fuel costs on low-income consumers, as well as key sectors like fishing, farming and construction, according to Budget Minister David Amiel.

According to new measures unveiled in September, the government committed to covering up to 70% of cost increases for the fishing sector after fishermen blockaded ports in the South of France to protest rising prices, while zero-interest loans are also being extended to keep supplies affordable.

However, costly subsidies have contributed to surging debt in the French economy, which currently faces a projected budget deficit of over 5% of GDP, one of the largest in the European Union, and borrowing costs hovering at a 24-year high.

France consumed roughly 750,000 b/d of diesel in 2025, and produced around 400,000 b/d domestically, according to estimates from S&P Global Energy CERA. In 2026, consumption is expected to contract by roughly 17,000 b/d — or 2% — according to the latest CERA view, consistent with a 2-5% annual consumption drop every year post-Covid.