Broad agreement in G7 not to release oil reserves just yet, says G7 official [View all]

Source: Reuters

March 9, 2026 11:11 AM EDT Updated 2 hours ago


BRUSSELS, March 9 (Reuters) - There was broad agreement among the Group of Seven finance ministers ​on Monday not to release strategic oil ‌reserves just yet, a G7 official said.

G7 finance ministers held a teleconference earlier on Monday ​to discuss a response to the ​overnight surge in oil prices caused ⁠by the U.S.-Israeli war on Iran.

They said ​in a statement they were ready to ​take "necessary measures" to support the global supply of energy, including the release of stockpiles, but stopped ​short of doing it now.

"There was broad ​consensus on this," one G7 official with insight into ‌the ⁠G7 finance ministers' discussions told Reuters. "It was not that someone was against, it's just about timing. More analysis is needed," ​the official ​said.

Read more: https://www.reuters.com/business/energy/broad-agreement-g7-not-release-oil-reserves-just-yet-says-g7-official-2026-03-09/