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G7 Discusses Releasing Strategic Oil Reserves Amid Crisis

Published March 9, 2026, 09:08
G7 Discusses Releasing Strategic Oil Reserves Amid Crisis

G7 finance ministers are expected to discuss the use of strategic oil reserves in an emergency online conference, in response to rising oil prices due to the conflict in the Middle East. The discussion will focus on the possibility of a coordinated release from reserves, with a representative from the International Energy Agency (IEA) participating. The prospect contributed to a moderation of the rise in crude oil prices in Asia, although prices remain high, having jumped by more than 25% and approaching $120 a barrel.