US EditionG7 to discuss joint release of emergency oil reserves: FT
G7 ministers, led by France, consider releasing 300-400 million barrels from strategic reserves to ease a 25% surge in oil prices amid Gulf supply disruptions.
- 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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Meeting this Monday, the G7 finance ministers will discuss a possible release of emergency oil reserves to counter the surge in oil prices.
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 […]
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