The G7 group held a joint meeting with the IEA to find solutions for the rapidly rising oil prices caused by the Middle East war, stating their readiness to take necessary measures but without reaching an agreement on releasing oil from reserves yet.Tags: [G7, IEA, oil prices, Middle East conflict, energy supply]
On 9 Mar 2026 GMT+7, finance ministers of the G7 countries and the International Energy Agency (IEA) concluded a joint meeting, stating their readiness to implement "necessary measures" to support global energy supply after the war between the U.S.-Israel and Iran caused oil prices to soar.Tags: [G7, IEA, finance ministers, oil prices, Middle East conflict]
"We are prepared to take the necessary measures, including supporting global energy supply such as releasing oil from reserves," the G7 group said in a statement following the meeting.Tags: [G7 statement, energy supply, oil reserves, measures]
However, the meeting ended without an agreement on releasing strategic crude oil reserves, despite oil prices rising to nearly $120 per barrel on Monday amid concerns over prolonged oil supply disruptions, which also caused global stock markets to decline.Tags: [oil reserves, price surge, market impact, supply disruption]
During the meeting, releasing oil from reserves was one of several topics discussed. Fatih Birol, the IEA Director, said the global oil market has "deteriorated over the past few days."Tags: [IEA, Fatih Birol, oil market, discussion]
"Beyond the transportation challenges through the Strait of Hormuz, a massive volume of oil production has been halted, creating a significant and growing risk to the oil market," Birol said.Tags: [oil production halt, Strait of Hormuz, market risks]
However, after the meeting, Roland Lescure, France’s Finance Minister, said regarding emergency oil reserve releases, "We have not reached that point yet."Tags: [France, Finance Minister, oil reserve release, emergency]
If oil reserves are released, it would be the first time since 2022, after Russia launched a full-scale invasion of Ukraine.Tags: [oil reserves, historical context, Russia, Ukraine conflict]
Meanwhile, Rachel Reeves, the UK Finance Minister, said on Monday that the UK used the meeting to call for an "immediate de-escalation in the Middle East," urged guarantees for the safety of shipping in the region, and added, "I am ready to support coordinated IEA oil reserve releases."Tags: [UK, Finance Minister, Middle East, shipping security, IEA cooperation]
The major disruption of energy supply from the Middle East region is driving prices higher for consumers and businesses worldwide, while rising inflation may lead central banks to reduce interest rate hikes compared to earlier forecasts.Tags: [energy supply disruption, inflation, global economy, central banks]
Normally, about one-fifth of the world’s oil supply is transported through the Strait of Hormuz, but traffic through this narrow passage has nearly ceased since the war began on 28 Feb.Tags: [Strait of Hormuz, oil transport, supply disruption, war impact]
Source:Tags: [source]bbcTags: [BBC, news source]