G7 Considers Emergency Oil Stock Release Amid Supply Crisis

In response to escalating Middle Eastern tensions and surging oil prices, the Group of Seven (G7) countries are evaluating the release of emergency oil reserves. Each nation holds varying stock levels, with countries like the U.S. and Japan maintaining large reserves to meet IEA requirements.

The G7 nations are contemplating the release of emergency oil reserves in reaction to a crisis in supply from the Middle East, the International Energy Agency (IEA) announced Monday. This consideration comes as oil prices soar, reaching nearly $120 per barrel.

The IEA mandates that member countries maintain at least a 90-day supply, with the U.S. holding over 415 million barrels in its Strategic Petroleum Reserve. Japan also boasts significant reserves, consisting of 260 million barrels of government-held crude and additional private stocks.

Other G7 countries, such as Germany, France, Italy, and the UK, have varying capacities and strategies for their reserves. Meanwhile, Canada, a major oil producer, does not hold a strategic stockpile due to its status as a net exporter.

(With inputs from agencies.)