It became known about the emergency meeting of the heads of the G7 Finance Ministries

Finance ministers of the Group of Seven (G7) will discuss possible joint use of oil reserves at an emergency meeting. The Financial Times newspaper writes about this, citing sources.

According to sources, the finance ministers of the G7 countries will discuss the possible joint release of oil from reserves coordinated by the International Energy Agency (IEA).

The ministers and the head of the agency Fatih Birol will discuss this topic today, March 9. As the newspaper notes, three G7 countries, including the United States, support this idea. One of the sources said that some American officials believe that together they can release from 300 to 400 million barrels. This will be from 25% to 30% of 1.2 billion barrels in reserve.

EADaily adds: world oil prices jumped to almost $ 120 per barrel for the first time in 4 years. According to Bloomberg, oil prices continue to rise amid the war in Iran and supply disruptions from the Middle East. This morning, on March 9, Brent quotes exceeded $ 110 per barrel for the first time since 2022. During the trading, the price of the benchmark brand rose to $ 119.5 per barrel (+29%), and American WTI — to $ 119.48 per barrel (+31%).

Growth slowed after the Financial Times reported that the G7 countries would discuss the sharing of oil from strategic reserves at an emergency meeting on Monday due to a sharp jump in prices. As of 9.30 Moscow time, Brent is trading at $ 108 per barrel.

Before the US and Israeli military operation against Iran, both brands cost less than $ 70 per barrel. Commenting on the situation, US President Donald Trump said that a short—term rise in oil prices is a "very small price" for eliminating the Iranian nuclear threat and security for the whole world. Trump claims that quotes will decline rapidly after the completion of the operation, which began on February 28.

Among other things, the fighting led to an almost complete halt in traffic through the Strait of Hormuz — a key artery of the world oil market, providing about 20% of global supplies. The situation was also aggravated by attacks on energy infrastructure and a reduction in production in the region. Kuwait and the UAE have reduced production due to the filling of storage facilities amid the suspension of exports through the Strait of Hormuz. Iraq began to curtail production last week.