G7 to discuss emergency oil reserve release as crude prices surge 25 percent

Finance ministers of the Group of Seven will discuss a possible coordinated release of oil from emergency reserves on Monday as global crude prices surge, according to a media report.

The proposed move would involve a joint release of oil reserves coordinated by the International Energy Agency.

According to the report, three G7 countries, including the United States, have so far expressed support for the idea. The ministers are also expected to hold a call with IEA Executive Director Fatih Birol to discuss the impact of the ongoing conflict involving Iran.

Oil prices surge sharply

The discussions come as global oil prices jumped sharply on Monday.

Global benchmark Brent Crude surged more than 25 percent to its highest level since mid 2022. The price spike followed supply cuts by some major producers and growing concerns about shipping disruptions linked to the expanding conflict involving the United States, Israel and Iran.

The sharp rise in oil prices has raised concerns about energy supply stability and potential economic pressure on major economies.

No official comment yet

Officials from the International Energy Agency and the current G7 presidency did not respond to requests for comment outside regular business hours, according to the report.

If approved, the coordinated release of emergency reserves could help stabilise global energy markets and ease pressure on oil prices.