G7 to discuss joint release of emergency oil reserves, French source says

Illustration shows 3D printed oil pipeline and map showing the Strait of Hormuz and Iran

3D-printed oil barrels, an oil pump jack and a map showing the Strait of Hormuz and Iran appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration

Source: REUTERS

G7 finance ministers will on Monday discuss the possible release of emergency oil reserves, a French government source said, in response to surging oil prices resulting from the Middle East conflict.

The talks were first reported by the Financial Times, which said the International Energy Agency would join the discussions.

Three G7 countries, including the U.S., have so far expressed support for the idea, the FT said, citing sources.

The report came as oil prices surged more than 25% on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran.

The IEA did not immediately respond to a request for comment.

Earlier on Monday the agency said in a newsletter that it was closely monitoring energy security.

This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters