G7 Countries Yet To Decide On Releasing Oil Stockpiles: France
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Last Updated:March 09, 2026, 21:29 IST
French Finance Minister said G7 countries haven't decided on releasing emergency oil stocks amid the US-Israel war on Iran, stressing market stabilization tools.
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French Finance Minister Roland Lescure on Monday said G7 countries have not yet made a decision n the potential release of emergency oil stocks in the wake of the US-Israel war on Iran.
“We are not there yet…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," Lescure told reporters in Brussels after an online G7 meeting of finance ministers.
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He said the governments were following the situation and at present there were no supply problems in either Europe or the United States.
The remarks as the oil surged to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruption gripped the market due to the expanding US-Israeli war with Iran, Reuters reported.
The Middle East conflict, which began on February 28 with US and Israeli strikes on Iran, has disrupted regional energy oil flows.
Meanwhile, a G7 official said there was a broad agreement among the G7 finance ministers not to release strategic oil reserves just yet.
Also See: How Crude Oil Prices Will Impact The Indian Economy?
Reuters quoted the official saying in a statement that they were ready to take “necessary measures" to support the global supply of energy, including the release of stockpiles, but stopped short of doing it now.
“There was broad consensus on this. “It was not that someone was against, it’s just about timing. More analysis is needed," the official said.
Oil Prices Spike Amid Middle East Conflict
Crude prices have surged sharply since the conflict escalated in the Gulf region, raising concerns about a fresh inflation shock and risks to global economic growth.
Brent crude, the international benchmark, jumped 24% in Asian trading to $116.71 per barrel, while US benchmark West Texas Intermediate rose 28% to $116.45 per barrel.
Also Read: Here’s How Petrol, Diesel Prices Were Impacted Due To Crude Oil Rates
The surge in oil prices has triggered sharp volatility in global financial markets, with Asian equities falling on Monday and US futures also pointing to steep losses.
Major Oil Importers At Risk
Large crude-importing economies including China, India, South Korea, Japan, Germany, Italy and Spain are particularly vulnerable to sustained oil price shocks.
Higher oil prices raise input costs, worsen trade balances and add to inflationary pressures across importing economies.
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