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G7 To Discuss Emergency Oil Reserve Release As Iran-US War Pushes Crude Above $115: Report
G7 To Discuss Emergency Oil Reserve Release As Iran-US War Pushes Crude Above $115: Report
The Group of Seven (G7) finance ministers will hold an emergency meeting on Monday to discuss the possible joint release of strategic oil reserves in an effort to calm global crude markets that have surged sharply following the escalating conflict in the Gulf region.
According to a Financial Times report, the ministers will hold a call with International Energy Agency (IEA) Executive Director Fatih Birol at 8:30 am New York time to assess the impact of the war involving Iran and its implications for global energy markets.
Following the report, Brent crude prices have eased to $110 per barrel, while WTI crude declined to nearly $107, compared with $116.71 and $116.45 per barrel, respectively, in the morning.
The Middle East conflict, which began on February 28 with US and Israeli strikes on Iran, has disrupted regional energy oil flows.
According to the report, officials are considering a coordinated release of petroleum reserves held by member countries under the IEA’s emergency system designed to respond to oil supply shocks.
Citing people familiar with the discussions, the report said at least three G7 countries, including the United States, have expressed support for the proposal.
Some US officials believe a coordinated release of around 300 million to 400 million barrels could be appropriate. This would represent roughly 25-30% of the approximately 1.2 billion barrels currently held in strategic reserves by IEA member countries.
The reserves are part of a collective emergency mechanism created in 1974 following the Arab oil embargo, which triggered severe fuel shortages and sent oil prices soaring across the Western world.
Crude prices have surged sharply since the conflict escalated in the Gulf region, raising concerns about a fresh inflation shock and risks to global economic growth.
Brent crude, the international benchmark, jumped 24% in Asian trading to $116.71 per barrel, while US benchmark West Texas Intermediate rose 28% to $116.45 per barrel.
The surge in oil prices has triggered sharp volatility in global financial markets, with Asian equities falling on Monday and US futures also pointing to steep losses.
Large crude-importing economies including China, India, South Korea, Japan, Germany, Italy and Spain are particularly vulnerable to sustained oil price shocks.
Higher oil prices raise input costs, worsen trade balances and add to inflationary pressures across importing economies.
IEA member countries collectively hold over 1.24 billion barrels of public emergency reserves, according to a confidential document prepared for an earlier emergency meeting.
In addition, industry-held inventories amount to roughly 600 million barrels, which could potentially be mobilised if supply disruptions worsen.
Together, these reserves could cover nearly one month of total oil demand in IEA countries and more than 140 days of net imports, the document noted. The US and Japan together account for around 700 million barrels of the public reserves.
Since its creation, the IEA has coordinated five collective releases of emergency oil stocks, most recently in 2022 following Russia’s invasion of Ukraine.
Source: News18
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