The G7 will discuss a joint release of strategic oil reserves.

TechubNews · 2026-03-09T05:35:30+00:00

The G7 finance ministers will hold an emergency meeting to discuss jointly releasing emergency oil reserves to address rising oil prices caused by conflicts in the Gulf region. Some countries support releasing 300 million to 400 million barrels of oil reserves, accounting for approximately 25% to 30% of total reserves.

TechubNews

2026-03-09 05:35:30

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Techub News reports that G7 finance ministers will hold an emergency meeting on Monday to discuss the possibility of jointly releasing emergency oil reserves under the coordination of the International Energy Agency (IEA). The meeting aims to address the surge in oil prices following conflicts in the Gulf region. According to sources, G7 finance ministers and IEA Director Fatih Birol will hold a phone call at 8:30 a.m. New York time (8:30 p.m. Beijing time) to discuss the impact of the Iran war. Sources say that three G7 countries, including the United States, have so far expressed support for this idea. The IEA’s 32 member countries hold strategic reserves as part of a collective emergency system designed to respond to oil price crises. One source indicated that some U.S. officials believe that a joint release of 300 to 400 million barrels of oil would be appropriate, representing 25% to 30% of the total 1.2 billion barrels of reserves.

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