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G7 energy ministers have expressed their support for the potential use of strategic oil reserves to address rising crude oil prices. This follows a proposal from the International Energy Agency (IEA) for what could be the largest release of oil reserves in history.
Despite no immediate physical shortages of oil, prices have been climbing sharply, prompting concerns among G7 members. A source within the group indicated that maintaining the current situation is not viable, suggesting that outreach could also include major non-IEA countries like China and India.
However, any decision to release reserves will require further discussions regarding the total volume, allocation among countries, and timing. The IEA is expected to present various scenarios to assess the market impact of such a release.
The situation remains fluid as the G7 countries consider their options to stabilize oil prices amid growing global demand and economic pressures.
Source: www.theguardian.com – https://www.theguardian.com/business/live/2026/mar/11/oil-prices-asian-shares-rise-iea-reserve-release-business-live-news-updates