G7 Nations Considering Release of Oil ReservesLondon, 9 Mar 2026 (ONA) — Finance ministers from the G7 group of leading Western
industrialized countries are set to discuss the possible release of
oil reserves, according to the Financial Times.
The aim of today’s emergency meeting is to cushion the rapid rise in
oil prices triggered by the war in the Middle East, the British
newspaper reported, citing G7 representatives.
The ministers and the director of the International Energy Agency
(IEA), Fatih Birol, are scheduled to hold a conference call later today to discuss the impact of the Iran war, the report said.
Three G7 countries, including the US, have already lent their support
to the proposal, it said.
The member states of the IEA hold strategic reserves as part of a
joint emergency system for oil price crises.
The Financial Times report said that the US is considering a joint
release of 300-400 million barrels, out of the total 1.2
billion-barrel reserve.
Oil prices have continued to soar due to the war in the Middle East
which was launched by Israel and the United States against Iran on 28 February, hitting almost $120 per barrel overnight.
Economies release their strategic oil reserves in crisis situations
to stabilize the oil market or respond to supply shortages. This
measure is rarely used.
In Germany, strategic oil reserves have been released four times to
date, each time on the basis of joint decisions by IEA member
countries.
— Ends/Khalid