economy
March 9, 2026
G7 countries rule against release of oil reserves to arrest surge in prices
The Group of Seven nations have decided against jointly releasing hundreds of millions of barrels of crude oil reserves to stanch skyrocketing prices, which have hit over $100 a barrel in what has been described as the most severe energy crisis since the 1970s.
TL;DR
- G7 nations will not jointly release oil reserves.
- Crude oil prices have surpassed $100 per barrel.
- The current energy crisis is described as the most severe since the 1970s.
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