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G7 to discuss joint release of emergency oil reserves: FT
G7 ministers consider releasing up to 400 million barrels from strategic reserves, about 25-35% of International Energy Agency stocks, to counter oil-price surge from Iran conflict.
- On March 9, 2026, Group of Seven finance ministers will discuss a joint release of strategic oil reserves coordinated by the International Energy Agency , with a call initiated by France at around 1.30pm Paris time.
- Rising above US$100, Brent crude surged to nearly US$120 as attacks hit Iranian oil depots and the Strait of Hormuz closure trapped Persian Gulf exports, tightening supply.
- Officials briefed on the talks said the IEA has coordinated five collective releases since 1974, including two in 2022, with about 1.2 billion barrels in public reserves and roughly 600 million barrels in industry stocks, considering a 300–400 million barrel release.
- Markets reacted with a decline in stocks and Brent easing toward US$107 a barrel after news of a potential coordinated oil reserve release on Monday, March 09, 2026.
- Former IEA head Neil Atkinson warned LNG supplies are vulnerable, with Asian refineries cutting rates and prices possibly exceeding US$130, while $80 billion was wiped from the Australian sharemarket.
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200 Articles
Meeting this Monday, the G7 finance ministers will discuss a possible release of emergency oil reserves to counter the surge in oil prices.
“Investors panicked. They began to say, ‘Hey guys, this war is going to last longer than we thought. If it goes on like this, the barrel reaches 250 dollars’.” So I told a group of journalists Gerard Reid, co-founder of Alexa Capital and energy expert, on Monday, the tone of the operators’ conversations in the raw materials market at the beginning of this week.
Europe Intelligence Brief for Monday, March 9, 2026
What Matters Today 1 France convenes G7 emergency meeting TODAY to discuss largest coordinated oil reserve release in IEA history — 300–400 million barrels under consideration; G7 statement says ministers “stand ready” to release stockpiles; Brent crashes from $119 to ~$102 on the announcement; IEA chief warns of “significant and growing risks” — G7 finance […]
Katayama: G7 ready to take necessary steps to stabilize energy markets
Japanese Finance Minister Katayama Satsuki says the Group of Seven countries have agreed to take necessary steps to support the global energy supply, including a coordinated release of oil reserves, amid US-Israeli attacks on Iran.
G7 Considers Massive Oil Reserve Release Amid Iran War
Energy ministers from the Group of Seven nations will meet Tuesday to discuss a possible release of strategic oil reserves as the Iran war disrupts global energy supplies, according to CNBC. The talks follow a meeting of G7 finance ministers Monday, where officials discussed options but did not reach a final decision. Member countries include the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. G7 to discuss possible…
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