G7 Countries release strategic oil reserves ahead of leaders’ meeting

Wednesday 11 March 2026 - 14:45

Several G7 nations have announced the release of strategic oil reserves in response to rising energy prices, ahead of a scheduled leaders’ meeting. Japan and Germany took the initiative to ease market pressures caused by the ongoing Middle East conflict, signaling coordinated action among the world’s largest economies.

Japanese Prime Minister Sanae Takaichi announced that Tokyo would release part of its strategic oil reserves starting March 16, without waiting for an official decision from the International Energy Agency (IEA). Germany followed suit, with Economy Minister Katherina Reiche confirming Berlin’s plan to make a portion of its reserves available, responding to the IEA’s request to member states for 400 million barrels of oil.

French authorities emphasized that the coordinated approach aims to stabilize prices rather than address an actual shortage of oil. President Emmanuel Macron has been advocating for a collective strategy among G7 nations to send a strong signal to global energy markets.

The backdrop of these actions is the escalating conflict in the Middle East, triggered by Israeli-American strikes on Iran on February 28. Retaliatory measures have effectively closed the Strait of Hormuz, through which about one-fifth of the world’s oil and liquefied natural gas passes, causing sharp increases in fuel prices.

Although initial meetings of G7 finance and energy ministers did not result in a final decision, the leaders’ conference aims to evaluate measures to mitigate economic consequences, including potential further releases from strategic reserves. Officials stress that these releases, while significant, are intended to maintain market stability and reassure global supply chains until a resolution in the region can be achieved.

Oil prices, which surged to nearly $120 per barrel earlier in the week, fluctuated following statements by former U.S. President Donald Trump suggesting that the conflict with Iran was “almost” over. Markets remain sensitive to developments in the Middle East, highlighting the importance of coordinated international energy policies.