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On October 2, 2026, G7 leaders met via video link for an extraordinary summit dedicated to energy security and market stability. The meeting was convened in response to escalating tensions in oil markets, which were characterized by unprecedented volatility and significant price surges. This situation posed a threat not only to the balance of the global economy but also to household well-being and the ability of businesses to absorb rising energy costs. The summit aimed to formulate a swift, collective response capable of mitigating the impact of price shocks while simultaneously strengthening the structural resilience of energy systems. Leaders agreed on a series of coordinated measures designed to boost the supply of energy products, ease market pressures, and enhance the capacity to respond to potential future crises.
ITALY’S POSITION AS ARTICULATED BY GIORGIA MELONI
Against this backdrop, the position advocated by Italy—presented by Prime Minister Giorgia Meloni—was particularly significant. Meloni outlined the initiatives implemented by the Italian government to curb the impact of rising energy prices on households and businesses. Measures cited included fuel price controls secured through agreements with major oil companies, alongside adjustments to the excise duty system. The Prime Minister also highlighted proposals Italy had submitted to the European Commission, framing national actions within a broader European and multilateral strategy. Italy’s stance was thus characterized by a dual focus: seeking immediate economic safeguards and promoting a coordinated international response. A key element of the Italian initiative was also support for coordinated action on energy stocks, with a particular focus on diesel—a market segment facing specific pressures. Finally, Meloni renewed the proposal to establish a structured dialogue between the G7 and Gulf countries, with a view to strengthening cooperation with some of the key players in the international energy market.
MEASURES AGREED UPON BY THE G7
The response outlined by G7 leaders primarily calls for greater coordination of refinery maintenance activities. In parallel, the G7 encourages dialogue with nations possessing significant refining capacity, urging them to help boost global production of refined products—particularly diesel, a sector considered especially vulnerable to current market tensions. A central role is assigned to the International Energy Agency (IEA), which is tasked with verifying the implementation of commitments made in March 2026 and monitoring the impact of the new measures on energy security and market stability. Taking into account commitments already fulfilled, the G7 has decided—through the IEA—to proceed with a coordinated release of 100 million barrels of oil over a four-month period. A significant portion of this release will be front-loaded into the first twenty days and will specifically target diesel, involving both member countries and partners.
STOCKS, ENERGY TRADE, AND INTERNATIONAL MONITORING
The G7 has also planned further consultations within the IEA framework to assess the need for additional diesel releases should market conditions warrant them. Furthermore, the group reaffirmed its commitment not to impose restrictions on the export of energy and energy products among member states, while calling on all producing nations to avoid bans that could exacerbate market tensions.
THE GEOPOLITICAL IMPLICATIONS OF THE ENERGY CRISIS
The leaders’ final declaration links energy security to the international geopolitical situation. The G7 condemned the continued Iranian attacks on neighboring countries and the consequences of Tehran’s actions for international trade, energy security, and the global economy. Particular attention was paid to the Strait of Hormuz, with leaders calling for the immediate and full restoration of navigation. The G7 also expressed its determination to step up collective efforts to guarantee freedom of transit through the strait, specifically acknowledging U.S. efforts to ensure the continuity of flows. At the same time, the group’s members confirmed the maintenance of sanctions against Russia, pledging to collaborate with the IEA and international partners to limit further repercussions on fuel, gas, and other commodity markets.
TOWARDS GREATER ENERGY RESILIENCE
The October 2nd summit thus highlights the growing interdependence of energy security, economic stability, and international security. The G7 strategy combines emergency measures—such as the coordinated release of reserves and increased refining capacity—with medium- and long-term tools aimed at making energy systems more resilient. In this context, the Italian position championed by Giorgia Meloni aligns fully with the G7’s multilateral approach, placing special emphasis on protecting households and businesses, coordinating stock management, recognizing the central role of diesel, and strengthening dialogue with Gulf nations. Citizens’ concerns regarding price trends remain a priority, and the G7 has confirmed its intention to constantly monitor market developments, while maintaining the option to adjust measures in response to changing conditions.