Foreign Media: G7 Supports Release of Oil Reserves

Reuters, March 11 — The G7 has announced support for a collective release of oil reserves to address soaring oil prices.

The conflict in the Middle East has nearly halted oil exports from the Strait of Hormuz in southern Iran, and regional oil production has also significantly declined.

Following the outbreak of conflict, oil prices surged sharply. Amid panic, ICE Brent crude briefly soared to $119.50 per barrel on March 9. On the same day, WTI crude reached a high of $119.48 per barrel intraday. In comparison, during 2025, ICE Brent and WTI crude prices generally fluctuate between $60 and $70.

Currently, international oil prices remain high. As of this report, WTI crude is at $87 per barrel, and ICE Brent is at $91.28 per barrel.

According to reports, the International Energy Agency (IEA) is preparing to intervene in the oil market on the afternoon of March 11 with the largest-ever intervention, potentially releasing 300 to 400 million barrels of oil.

After a meeting with the IEA on March 11, G7 energy ministers stated, “In principle, we support taking proactive measures to respond to this situation (oil price surge), including the use of strategic reserves.”

German media outlet Deutsche Welle reported on March 11 that Germany, Austria, Japan, Spain, and France all plan to release some of their oil reserves.

Japan’s Kyodo News also reported on March 11 that, according to the IEA, the largest coordinated release of oil stocks in history occurred during the 2022 Ukraine crisis, when member countries committed to releasing a total of about 182 million barrels in two phases. IEA member countries currently hold over 1.2 billion barrels of emergency public oil reserves.

The report mentioned that IEA member countries must ensure their oil reserves are at least equivalent to 90 days of net imports and be prepared to jointly respond to severe supply disruptions affecting the global oil market.