Finance ministers from the world’s seven largest economies will convene Monday to consider tapping into strategic petroleum stockpiles in a coordinated response to soaring oil costs, according to a Financial Times report published March 9.
At least three nations within the Group of Seven, including the United States, have already signaled their backing for the proposal, sources told the Financial Times. The discussion will involve finance ministers alongside International Energy Agency Executive Director Fatih Birol during a scheduled conference call examining the economic consequences of the Iran conflict.
The potential reserve release comes as crude oil costs skyrocketed over 25% during Monday’s trading session, reaching their peak levels since mid-2022. Market analysts attribute the dramatic price increase to supply reductions by several key oil-producing nations and growing concerns about extended maritime shipping delays linked to the widening military confrontation between the U.S., Israel, and Iran.
Neither the International Energy Agency nor representatives from the G7 presidency provided responses to media inquiries made after standard business hours.
