economy
March 9, 2026
G7 energy ministers to meet Tuesday morning to discuss release of oil reserves, sources say
Oil prices surged above $100 per barrel as the critical Strait of Hormuz remains closed due to threats from Iran.
TL;DR
- G7 energy ministers to meet virtually on Tuesday to discuss releasing oil reserves.
- Supply disruption caused by the Iran war and the closure of the Strait of Hormuz is a primary concern.
- G7 finance ministers met Monday but did not reach a decision on reserve releases.
- The U.S. proposes a joint release of 300-400 million barrels of oil.
- The Strait of Hormuz closure is described as the biggest oil supply disruption in history, impacting about 20% of global oil consumption.
- Unlike past crises, there is no spare capacity from Saudi Arabia and the UAE due to the strait's closure.
- International Energy Agency member states will face pressure to release strategic stocks.
Continue reading the original article