G7 finance ministers will discuss a coordinated release of petroleum reserves during a call with the International Energy Agency.
Oil prices surge: Brent crude has climbed to around $120 per barrel, raising concerns over supply disruptions amid escalating tensions in West Asia.
Large reserve potential: Policymakers are considering a possible release of 300–400 million barrels, roughly 25–30% of strategic reserves held by IEA member countries.a
The finance ministers of G7 countries will discuss a likely coordinated release of emergency petroleum reserves during a call on Monday amid a surge in oil prices following escalating tensions in West Asia, the Financial Times said in a report. The ministers will hold the emergency discussion later in the evening alongside Fatih Birol, executive director of the International Energy Agency (IEA), according to the report, citing sources. The talks are expected to focus on the possible impact of the ongoing war in Iran on global markets and crude oil prices.
The report stated that three G7 countries, including the US, have expressed support for the proposal. Senate Minority Leader Chuck Schumer has also urged US President Donald Trump to sell oil from the Strategic Petroleum Reserve, which holds nearly 415 million barrels of oil. However, according to a report by Reuters, Trump on Thursday said that he was not looking to tap the strategic reserves.
2 March 2026
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As per the FT report, a few policymakers believe that a coordinated release of around 300 million to 400 million barrels would be appropriate currently. The quantum roughly translates to nearly 25–30% of the 1.2 billion barrels of reserves held in strategic reserves by IEA member countries.
On Monday, benchmark Brent crude surged to a multi-year high of $120 per barrel, while West Texas Intermediate rose over 30%. The surge in crude prices comes amid heightened worries that the ongoing war between Iran, Israel and the US is expected to prolong and could further disrupt supply chain logistics, damage oil infrastructure and risk shipping safety. Analysts warn that even if a conflict resolution is reached, crude prices are expected to remain elevated in the near term.
IMF Warns of Inflation Risks
Further, the report also said that the increase in oil prices risks accelerating global inflation and dampening economic growth if sustained. International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Monday warned that a 10% increase in oil prices, if persistent through most of the year, would result in a 40-basis-point increase in global inflation.
"We are seeing resilience tested again by the new conflict in the Middle East," Georgieva said. "My advice to policymakers in this new global environment is to think of the unthinkable and prepare for it."
