The announcement comes after several rounds of emergency talks between European governments over how to respond to the U.S. pressure, with France proposing a release of 100 million barrels of European oil and diesel earlier Friday.
The G7 includes Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
While G7 countries participated in a release of 400 million barrels of oil earlier this year led by the International Energy Agency, many of the barrels released never made it to market because they were unable to compete with cheaper U.S. crude that has recently flooded the bloc, according to a trader and an EU diplomat. But they were, officially, available, the people said.
Two other diplomats suggested Friday that the announcement was simply a reaffirmation of that March commitment.