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G7 discusses strategic oil reserve release as crude rises above 116 dollars
G7 finance ministers are set to discuss a coordinated release of emergency oil reserves as crude prices surge above $116 per barrel amid escalating Gulf tensions. The move aims to stabilise global energy markets and limit inflationary risks. A potential release of up to 400 million barrels from strategic reserves is under consideration.
By Finblage Editorial Desk
9 March 2026
Finance ministers from the Group of Seven nations are expected to hold emergency discussions on March 9 regarding a coordinated release of strategic petroleum reserves. The meeting will take place alongside the executive director of the International Energy Agency Fatih Birol as policymakers assess the impact of the escalating Gulf conflict on global oil markets.
The discussions follow a sharp surge in global crude oil prices after tensions in West Asia intensified. Brent crude climbed about 24 percent during Asian trading to around $116.71 per barrel, while West Texas Intermediate rose nearly 28 percent to about $116.45 per barrel. The rally reflects concerns about potential supply disruptions in key shipping routes linked to the Gulf region.
Officials familiar with the discussions indicated that at least three G7 countries, including the United States, support a coordinated release of oil from emergency reserves. Policymakers are considering a potential release of approximately 300 million to 400 million barrels, which would represent roughly 25 percent to 30 percent of the strategic reserves held by International Energy Agency member countries.
Strategic petroleum reserves are maintained as part of a collective energy security framework established after the 1973 oil crisis. Member countries currently hold more than 1.24 billion barrels in public strategic stocks, with an additional estimated 600 million barrels maintained by industry that could potentially be mobilised during supply disruptions.
The surge in crude prices has triggered volatility across global financial markets and raised concerns about inflationary pressures and economic growth. Rising fuel prices have already begun affecting consumer energy costs, with petrol prices in the United States increasing sharply over the past week.
Major oil importing economies such as India, China, Japan, South Korea and several European countries remain particularly exposed to prolonged oil price shocks. Investors will closely monitor the outcome of the G7 discussions and any coordinated release of reserves as a potential mechanism to stabilise global oil markets.
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