FT: G7 countries have not yet decided to release strategic oil reserves to lower prices. But it is expected soon

G7 finance ministers said they were ready to take “necessary measures” to combat the sharp rise in oil prices caused by the war between Israel, the US and Iran. However, after an emergency meeting on March 9, they failed to reach an agreement on the use of strategic oil reserves.

This is reported by the Financial Times, citing sources and a joint statement by the ministers, which journalists have reviewed.

French Finance Minister Roland Lecure said the group had "not yet reached" a decision on using emergency oil reserves held by member countries of the International Energy Agency.

The agencyʼs 32 member countries have about 1.2 billion barrels of strategic reserves that they can use in an emergency, according to the agencyʼs program.

However, this has been done only five times since the agency was created after the oil crises of the 1970s related to events in the Middle East. One source said that some American officials see it as advisable to jointly release 300 million to 400 million barrels of oil — about 25 to 30 percent of the total reserves.

Sources told the Financial Times that G7 energy ministers are due to meet on March 10. One source said that is where decisions on action will be made, and one US official expressed optimism that a decision on using reserves could be made after that meeting.

• The price of Brent crude oil has risen by almost 40% since the outbreak of the Middle East war on February 28, and on the morning of March 9, it exceeded $100 per barrel for the first time in four years. Much of the oil produced in the Persian Gulf is blocked due to Iranʼs threats to block the Strait of Hormuz.

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