Elysee: G-7 plans to discuss energy situation and measures

G7 finance ministers convened virtually on March 9, 2026, alongside representatives from the IMF, World Bank Group, OECD, and IEA, to address the economic and market implications of the ongoing conflict in the Middle East. The discussion focused on regional stability, global economic conditions, and the security of critical trading routes, with particular attention to energy markets. While no immediate decision was made to release strategic oil reserves, the ministers affirmed their readiness to deploy necessary tools, including stockpile releases, to stabilize markets if supply disruptions escalate.

Oil prices surged above $119 per barrel amid concerns over prolonged shipping disruptions linked to the U.S.-Israeli conflict with Iran, though G7 officials noted that current supplies in Europe and the United States remain stable. IEA Director Fatih Birol advocated for reserve releases, citing the agency's historical role in coordinating emergency measures, such as the 2022 collective release of 180 million barrels in response to the Ukraine war. IEA member countries hold over 1.2 billion barrels of public emergency oil stocks, with additional industry reserves under government obligation.

French President Emmanuel Macron indicated that energy ministers would further assess the situation during a nuclear summit in Paris, underscoring ongoing G7 coordination with international partners. The group pledged to monitor energy markets closely and convene as needed to ensure global supply resilience. Investors remain attentive to potential policy responses amid heightened geopolitical risks and volatile commodity markets.