The G7 is prepared to release oil reserves if necessary to support supply

2026-03-09 15:46:03

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International oil prices retreat, with WTI crude futures narrowing gains to 5%, trading at $95.857 per barrel. Brent crude futures narrowed gains to 6%, trading at $99.173 per barrel. G7 finance ministers stated that they are prepared to take any necessary measures to support global energy supply, including releasing strategic petroleum reserves. The group said in a statement, “We will continue to closely monitor energy market developments and dynamics, and will hold meetings as needed to exchange information and coordinate within the G7 and with international partners. We are ready at any time to take necessary measures, including supporting global energy supply, such as releasing reserves.” The G7 finance ministers held a video conference on Monday to discuss the Middle East conflict and its impact on regional stability, the global economy, and financial markets, as well as the importance of ensuring the security of trade routes. Leaders from the International Monetary Fund, World Bank Group, Organisation for Economic Co-operation and Development, and International Energy Agency participated in the discussion.

(Source: Cailian Press)

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