US EditionG7 to discuss joint release of emergency oil reserves: FT
G7 ministers consider releasing up to 400 million barrels from strategic reserves, about 25-35% of International Energy Agency stocks, to counter oil-price surge from Iran conflict.
- On March 9, 2026, Group of Seven finance ministers will discuss a joint release of strategic oil reserves coordinated by the International Energy Agency , with a call initiated by France at around 1.30pm Paris time.
- Rising above US$100, Brent crude surged to nearly US$120 as attacks hit Iranian oil depots and the Strait of Hormuz closure trapped Persian Gulf exports, tightening supply.
- Officials briefed on the talks said the IEA has coordinated five collective releases since 1974, including two in 2022, with about 1.2 billion barrels in public reserves and roughly 600 million barrels in industry stocks, considering a 300–400 million barrel release.
- Markets reacted with a decline in stocks and Brent easing toward US$107 a barrel after news of a potential coordinated oil reserve release on Monday, March 09, 2026.
- Former IEA head Neil Atkinson warned LNG supplies are vulnerable, with Asian refineries cutting rates and prices possibly exceeding US$130, while $80 billion was wiped from the Australian sharemarket.
221 Articles
221 Articles
Could tapping the Strategic Petroleum Reserve lower gas prices? What experts say.
Gas prices are surging across the U.S., with motorists paying about 20% more per gallon than before the start of the U.S. war with Iran. Experts say one option that could help tame prices at the pump is tapping the Strategic Petroleum Reserve, the nation’s emergency oil stockpile designed to cushion supply shocks. The average price per gallon stood at $3.54 on Tuesday, up from about $2.92 a month ago, according to AAA. The price hike reflects di…
The problem is not only the price, but the same availability of crude oil. The G7 aims to draw from the reserves 400 million barrels. But that will buffer only twenty days of blockade of the shipments. If the traffics in the Gulf remain stopped longer, what do you do?Beyond the price. And if it began to scarce the oil, from which it depends approximately 70% of the world economy? The countries of the G7 are considering the coordinated release of…
At the start of the Asian session on Monday, oil prices skyrocketed to as much as 30 percent at $120 per barrel due to the tension over the war in the Middle East; however, after the G-7 finance ministers spoke about a possible joint release of crude oil from their reserves – an agreement that stopped only a few hours later – contributions fell sharply.
Why emergency oil releases won’t fix this crisis
Investors rattled by the war in Iran have sent oil prices skyrocketing – and global governments have noticed. The world’s biggest economy are reportedly considering emergency releases of millions of barrels of oil into the market.
Meeting for months in videoconferencing, G7 finance ministers have now excluded the possibility of using security stocks to limit the increase in the price of the barrier caused by the war in the Middle East, writes Liberation. While the blockade of Ormuz by Iran and repeated attacks on the energy infrastructures of the countries of the Gulf continues to cause...
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