G-7 to discuss joint release of emergency oil reserves, FT reports

Follow our live coverage here.

The Group of Seven (G-7) finance ministers will discuss on March 9 a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reported.

Three G-7 countries, including the US, have so far expressed support for the idea, the FT said citing sources, and added that the ministers and the IEA Executive Director Fatih Birol will hold a call to discuss the

impact of the Iran war

.

The report comes as

oil prices surged more than 25 per cent

on March 9 to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.

The IEA and the G-7 presidency did not respond to requests for comment outside regular business hours. REUTERS