G7 Weighs Emergency Oil Reserve Release as Prices Cross $100

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Finance ministers from the G7 are set to hold an emergency meeting on Monday to discuss the possible joint release of strategic oil reserves following a sharp rise in global oil prices. The move comes after benchmark crude briefly surged past $100 per barrel for the first time since 2022 before easing slightly.

According to a report by the Financial Times, the discussion will focus on coordinated action to stabilise energy markets and address the sudden spike in prices triggered by geopolitical tensions.

The strategic oil reserves are managed through coordination by the International Energy Agency. A total of 32 member countries maintain emergency stockpiles under a collective system designed to respond to major oil supply disruptions and price crises.

Sources familiar with the discussions told the Financial Times that three G7 countries, including the United States, have already expressed support for a joint release of oil reserves to ease pressure on global markets.

If approved, the coordinated release could increase supply and help calm energy markets as governments attempt to prevent further volatility in global oil prices.