Philenews

G7: No Decision Yet on Releasing Oil Reserves

Published March 9, 2026, 17:13
G7: No Decision Yet on Releasing Oil Reserves

The G7 countries are “not yet at that stage” regarding organizing a global release of emergency oil reserves in response to the war with Iran, according to France, which holds the current presidency of the group. The statement was made after an online meeting to discuss the impact of the war on energy markets. The G7 finance ministers agreed to closely monitor the situation and be ready to take all necessary measures, including using strategic reserves to stabilize the market. Brent crude limited its earlier rise of up to 29% after news of the discussion about a possible release of reserves. The price increase is due to production cuts by producers in the Middle East and the effective closure of the Strait of Hormuz for tankers. Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates – which together produce about 20% of the world’s oil – have reduced their production due to the lack of tankers to export their oil. Releases of reserves are usually coordinated by the International Energy Agency. Emmanuel Macron announced that energy ministers will also meet in Paris on Tuesday. Coordinated releases have taken place only five times in the past, mainly in response to supply disruptions and geopolitical crises.