G7 Countries Allowed The Use Of Oil Reserves
- 9.03.2026, 19:12
Because of the situation in the Middle East.
The G7 countries (G7) allowed the global release of emergency oil reserves in response to the escalation in the Middle East, but no decision has been made yet. This was stated by the head of the French Finance Ministry Roland Lescure after the meeting of finance ministers of the countries - members of the association.
"We agreed to closely monitor the situation and are ready to take all necessary measures, including the use of strategic reserves, to stabilize the market," he said (quoted by Bloomberg).
Brent crude futures fell 29% on Monday, March 9, as it was reported that the G7 countries would discuss a possible end to the conflict. Fuel prices have surged as producers in the Middle East are forced to cut production and tanker access to the Strait of Hormuz is almost completely blocked.
Financial Times sources familiar with the talks said G7 energy ministers will still meet on Tuesday, March 10. "That is where the decision will be made," the source told the publication.
The issue at stake is the reserves held by the International Energy Agency (IEA). The 32 countries that are members of the agency have strategic reserves of about 1.2 billion barrels, which can be used in an emergency, said the head of the organization Fatih Birol. Since the IEA was founded in the mid-1970s, such measures have been taken only five times, the FT writes.
The US believes that the joint release of 300-400 million barrels - 25-30% of 1.2 billion barrels of reserves - would be an appropriate solution. Besides Washington, two other G7 countries support the idea of releasing some oil, sources told the FT.
U.S. President Donald Trump is trying to stem a sharp rise in oil prices since the start of the war with Iran. The average price of gasoline in the United States rose to $3.45 a gallon by Sunday, March 8, from $2.98 a week earlier. The White House chief called the rise in oil prices short-term. In his opinion, they will begin to fall after the elimination of the nuclear threat from Tehran.
Since the beginning of last week quotations jumped by more than 50% due to fears that the closure of the Strait of Hormuz, through which passed about 20% of the world's oil, could lead to prolonged disruptions in supplies. In addition, against the background of Iranian strikes, a number of Gulf countries stopped fuel production.