Washington, United States. G7 finance ministers will discuss on Monday a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reported. The discussion is expected to include the impact of the Iran war, according to the report.
Proposed coordinated release and participants
The Financial Times reported that three G7 countries, including the United States, have expressed support for the idea, citing sources. The report said the ministers and IEA Executive Director Fatih Birol will hold a call on Monday to discuss the impact of the Iran war.
Oil market context
The report came as oil prices surged more than 25% on Monday to their highest levels since mid-2022, amid supply cuts by some major producers and fears of prolonged shipping disruptions linked to the expanding U.S.-Israeli war with Iran.
Requests for comment
The IEA and the G7 presidency did not respond to requests for comment outside regular business hours.
What impact do you expect a coordinated release of oil reserves to have on prices?