G7 to discuss release of emergency oil reserves: Report

Oil tanks

G7 finance ministers are set to discuss a potential coordinated oil release from emergency reserves, in coordination with the International Energy Agency (IEA), during an emergency meeting on Monday.

The move aims to curb the sharp rise in oil prices driven by the conflict in the Middle East, Financial Times reported, citing sources.

Sources added that ministers are scheduled to hold a call today with IEA Executive Director Fatih Birol to discuss the war’s impact, with three G7 countries, including the US, expressing support for the plan.

The IEA’s 32 member countries hold strategic reserves under a collective emergency plan designed to address oil price crises.

Last week, IEA reaffirmed its readiness to help stabilize global markets.

One source noted US officials see a coordinated release of 300–400 million barrels as appropriate, equivalent to about 25–30% of the total 1.2 billion-barrel reserve.