October 3, 2026
Global energy markets are heading towards a phase of waning pressures on supplies and prices, supported by US President Donald Trump’s retreat from the proposal to ban diesel exports, in parallel with the G7 countries’ agreement to pump 100 million barrels of crude oil and diesel from strategic reserves.
In this context, the head of the Syndicate of Gas Station Owners in Lebanon, George Prax, confirmed in a post on the “X” platform that these developments – which precede the US midterm elections – will contribute to alleviating demand in international markets and pushing the prices of oil and derivatives downward.
This path comes based on the agreement of the G7 countries, concluded on the second of last October through the International Energy Agency, stipulating the coordinated release of 100 million barrels of crude and diesel over a period of four months, with huge quantities of diesel being pumped intensively during the first twenty days, with the member states committing not to impose restrictions on energy exports among themselves.
This step came to contain concerns raised by the possibility of Washington banning diesel exports, which threatened to exacerbate supply crises and rise in global fuel prices, especially in European markets. The G7 measures aim to consolidate the stability of energy markets and reduce the burden on consumers.
The markets responded immediately to the decision by recording a noticeable decline in oil prices, which reflects the role of pumping strategic reserves in giving the market an additional breathing space, despite the future path of prices being linked to the volume of actual supplies, geopolitical developments, and levels of global demand.
Fuel prices are gaining critical political dimensions within the United States as the midterm elections approach in November, as the cost of energy has become a central element in the domestic economic debate.
As for the Lebanese level, any sustainable change in the global prices of petroleum derivatives is directly reflected in the local price schedule, along with other specific factors that include the movement of global prices, the exchange rate, and import and distribution costs.
