Broad agreement in G7 not to release oil reserves just yet, says official

France’s finance minister stated on Monday that the G7 is “not there yet” regarding the release of strategic oil reserves. This statement came as the world's major industrialized nations held urgent discussions about the economic impact of the ongoing conflict in the Middle East. Earlier that day, French President Emmanuel Macron, who is leading the G7 this month, mentioned that the group would talk about potentially releasing strategic oil reserves this week. He also indicated that a meeting of G7 leaders to address energy issues might happen soon as he traveled to Cyprus. However, after leading a video conference with G7 finance ministers, French Finance Minister Roland Lescure told reporters that they had not reached a decision. When asked if they had come to an agreement on releasing reserves to reduce prices, Lescure, speaking from Brussels, said, “What we’ve agreed upon is to use any necessary tools, if need be, to stabilize the market, including the potential release of necessary stockpiles.” He emphasized that any action taken would need to be done in a “coordinated” way. The war, sparked by US-Israeli attacks on Iran, is raising concerns about the global economy. As a result, stock markets worldwide are declining, and oil prices have surged above $100 a barrel for the first time since Russia invaded Ukraine in 2022. Earlier reports from the Financial Times indicated that G7 finance ministers, which include Canada, Germany, Italy, Japan, the United Kingdom, and the United States, were set to discuss a coordinated release of strategic oil reserves through the International Energy Agency (IEA). The report noted that three G7 nations, including the United States, have so far supported this idea.