G7 Delays Decision on Emergency Oil Reserve Release Amid Gulf Tensions

The G7 has postponed a final decision on releasing emergency oil reserves as energy ministers prepare to meet again on Tuesday to further assess the situation in global energy markets.

According to media reports, officials had been considering a coordinated release of up to 300 million barrels from strategic petroleum reserves managed through the International Energy Agency (IEA) to help counter supply disruptions linked to the escalating conflict in the Gulf region. While the option remains under consideration, finance ministers said more discussions are needed before any action is taken.

IEA Executive Director Fatih Birol warned that conditions in the global oil market have worsened in recent days as the Middle East conflict has disrupted both crude production and key shipping routes. He noted that ministers reviewed several potential responses during recent talks, including the possibility of releasing emergency oil stocks to stabilize the market.

Birol added that IEA member countries collectively hold more than 1.2 billion barrels of public emergency oil reserves, while an additional 600 million barrels of industry stocks are maintained under government obligations.

The G7 emphasized that it stands ready to take necessary measures if required to stabilize energy markets. Meanwhile, the IEA continues consultations with energy officials from major producing and consuming countries as governments evaluate the broader implications of the conflict for global energy supply.

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