G-7 to Discuss Joint Release of Emergency Oil Reserves

WATCH: Oil prices rose to above $100 a barrel as the conflict in the Middle East continues. Stephen Stapczynski breaks down the situation.Source: Bloomberg

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By Alberto Nardelli, Donato Paolo Mancini, Stephen Stapczynski, and William Horobin

March 9, 2026 at 5:30 AM UTC

Updated on

March 9, 2026 at 10:25 AM UTC

The Group of Seven finance ministers are set to discuss a possible joint release of oil reserves on Monday, according to people familiar with the matter, as the Middle East war chokes flows from the region and sends prices soaring.

France — which currently holds the G-7 presidency — initiated plans for the call, scheduled for around 1:30 p.m. in Paris, said the people, who asked not to be identified discussing private deliberations. The French government said in a statement that the use of strategic reserves is being considered.