Finance ministers from the G7 countries, the UK, US, Canada, France, Germany, Italy, and Japan, have confirmed that they will not release emergency oil reserves at this time, according to French Finance Minister Roland Lescure.
The International Energy Agency had recommended a coordinated release to stabilise the markets, as noted by Japanese Finance Minister Satsuki Katayama.
Lescure said: “We are not there yet. What we’ve agreed upon is to use any necessary tools, if needed, to stabilise the market, including the potential release of stockpiles.”
He also mentioned that there are currently no supply issues in Europe or the US.
Oil prices have surged above $119 a barrel—marking their highest level since mid-2022—due to supply cuts by major producers and increasing concerns about ongoing shipping disruptions amid geopolitical tensions.
“In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed,” said IEA executive director Dr Fatih Birol.
“This is creating significant and growing risks for the market.”
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