G7 to discuss release of emergency oil reserves as price tops $100

Source: The Guardian

Mon 9 Mar 2026 05.12 EDT
First published on Mon 9 Mar 2026 03.52 EDT


G7 finance ministers are preparing to discuss the release of emergency oil reserves, according to reports, after the US-Israel war with Iran sent the price of crude above $100 (£75) for the first time since 2022. The ministers will discuss the release of the reserves in a call coordinated by the International Energy Agency (IEA), according to a report in the Financial Times.

The emergency meeting would take place at 8.30am New York time to discuss the impact of the Iran war, the FT reported, citing unnamed people familiar with the matter. Three G7 countries, including the US, have so far reportedly expressed support for the release of the emergency reserves, which are held by the IEA’s 32 member countries across the globe.

The IEA holds strategic reserves of petroleum as part of an emergency system designed to help countries withstand oil price crises. US officials believe a joint release in the range of 300m to 400m barrels would be appropriate, which would reportedly represent 25% to 35% of the 1.2bn barrels in reserve.

The EU’s oil and gas supply coordination groups would also meet on Thursday, a spokesperson said, as they monitor the impact of the conflict on the bloc’s oil supplies. EU countries are required to hold oil stocks covering 90 days’ worth of consumption.

Read more: https://www.theguardian.com/business/2026/mar/09/g7-release-emergency-reserves-oil-price-us-middle-east-war