Finance ministers from the Group of Seven (G7) countries are set to discuss a possible coordinated release of emergency oil reserves in an effort to stabilise global energy markets, the Financial Times reported.
According to the report, the ministers will hold a conference call at 8:30 a.m. New York time on Monday to assess current market conditions and explore policy options. The potential move would be coordinated with the International Energy Agency (IEA), which oversees emergency oil stockpiles among major consuming nations.
Sources familiar with the discussions said that three G7 countries, including the United States, have already expressed support for the strategy. The proposal comes amid heightened volatility in global oil markets driven by geopolitical tensions and concerns over supply disruptions.
Strategic petroleum reserves are emergency stockpiles maintained by governments to respond to sudden supply shocks or sharp price increases. In past crises, coordinated releases through the IEA have been used to increase market supply and calm price spikes.
Energy markets remain highly sensitive to developments affecting major shipping routes and producing regions. A joint reserve release by G7 members could help ease supply concerns and provide short-term relief to global oil markets if disruptions persist.
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