On October 2, 2026, leaders of the Group of Seven (G7) held a virtual meeting to discuss the deepening challenges facing global energy security. A joint statement released by the European Commission in Brussels noted that global energy markets are experiencing unprecedented oil price volatility, posing risks to the economic stability of member countries and their partners. G7 leaders emphasized the need for coordinated action to stabilize markets and ensure reliable energy supplies. The statement expressed the member countries' readiness to use existing cooperation mechanisms, including strategic reserves and coordination with key energy producers, to mitigate the effects of price fluctuations on consumers and businesses. The document placed particular emphasis on the need to accelerate the transition to diversified and sustainable energy sources, which the leaders believe will reduce dependence on volatile resources in the long term. It also stressed the importance of maintaining open dialogue with partners outside the G7 to ensure the overall stability of global energy markets. The statement came in response to growing tensions in global energy markets driven by a range of geopolitical and economic factors. G7 leaders assured that they would continue to monitor the situation and take additional measures as needed to protect the energy security of their countries and the global economy as a whole.