G7 Considers Releasing Up to 400 Million Barrels from Emergency Oil Reserves as Prices Surge

The Group of Seven (G7) is considering a coordinated release of 300–400 million barrels of oil from strategic reserves as global crude prices surge.

According to reports, the potential move would be coordinated through the International Energy Agency and could amount to as much as 30% of the bloc’s combined emergency stockpiles.

The proposal is expected to be discussed by G7 finance ministers in a meeting later today, as policymakers look for ways to stabilize energy markets and curb rising fuel prices.

A joint release of this scale would rank among the largest coordinated interventions in oil markets, aimed at easing supply concerns and cooling the recent rally in crude prices.

Global energy markets are in the midst of a historic crisis as Brent crude prices surged past the $114 per barrel mark on Monday, for the first time in nearly four years. This single-day jump of over 25% is driven by the intensifying war between the U.S.-Israel and Iran, which has effectively paralyzed the Strait of Hormuz. With approximately 20% of global supply currently stranded in the Persian Gulf and major producers like Iraq, Kuwait, and the UAE beginning to "shut in" production due to maxed-out storage, brokerages warn that prices could test $150 if the blockade persists. This has triggered a massive global sell-off, hitting import-dependent economies like India particularly hard. Benchmark indices Sensex and Nifty have crashed over 3% on fears of rampant inflation and a global recession.

-This is a developing story