G7 Wants To Flood The Market With Oil From Reserves

• 9.03.2026, 12:03

To stabilize the situation.

The lack of prospects for unblocking oil supplies from the Persian Gulf and the rise in prices above $100 per barrel are forcing developed countries to take emergency measures. G7 finance ministers at a meeting on Monday will discuss sharing strategic reserves to stabilize the market, the Financial Times wrote, citing sources including a senior G7 official.

The ministers and International Energy Agency (IEA) Executive Director Fatih Birol will hold a conference call to discuss the consequences of the war in Iran. According to sources, three G7 countries, including the US, have already backed the idea of using strategic reserves.

The IEA's 32 member countries have more than 1.2 billion barrels of reserves. Some U.S. officials are proposing to collectively sell 300-400 million barrels - about a quarter of the combined reserves.

In trading on Monday, Brent crude rose from $72.48 to $118.93 per barrel; by 11:30 Moscow time, the price had fallen to $106.9. WTI climbed to $118.76 and fell to $104.2.

The IEA has removed oil from strategic reserves five times since its creation in 1974, the last two times in 2022.