G7 Discusses Release of Oil Reserves as Prices Surge

Tokyo — Energy ministers from the Group of Seven will meet virtually on Tuesday evening, 10 March, to discuss the possibility of releasing oil reserves in a coordinated manner amid soaring oil prices, according to Japan’s Finance Minister Satsuki Katayama.

The plan emerged after G7 finance ministers stated they were “ready” to take necessary steps following an online meeting on Monday, including supporting global energy supplies through reserve releases.

“If we are going to do this, we must do it in the most effective way, and there are still questions about when, where, and how to coordinate it overall, including whether to stagger the releases, and so on,” Katayama told reporters on Tuesday.

“I believe going forward there will also be involvement from G7 leaders,” she added.

Crude oil futures prices rose above $119 per barrel on Sunday, the highest level since June 2022, amid concerns that Middle East conflict could disrupt supplies.

The International Energy Agency (IEA) requires its member countries to maintain oil reserves to safeguard energy supply stability. IEA Executive Director Fatih Birol participated in discussions with G7 finance ministers on Monday.

According to the IEA, member countries collectively hold more than 1.2 billion barrels of public emergency oil reserves. Of this amount, the United States and Japan hold approximately 700 million barrels.

In 2022, the agency coordinated the release of oil reserves to maintain market stability following Russia’s large-scale invasion of Ukraine.

The Group of Seven is an inter-governmental forum consisting of seven advanced economies — Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — plus the European Union as a non-enumerated member.