G7 finance ministers to discuss joint oil reserve release - report

March 9 (Investing.com) - G7 finance ministers will hold an emergency meeting on Monday to discuss a possible joint release of petroleum from reserves coordinated by the International Energy Agency, as oil prices surge following the conflict in the Gulf, according to the Financial Times. 
The ministers and Fatih Birol, IEA executive director, will hold a call at 8.30am New York time to discuss the impact of the Iran war, the report said, citing people familiar with the situation, including a senior G7 official.

Three G7 countries, including the US, have expressed support for the idea, the report added.

The 32 members of the IEA hold strategic reserves as part of a collective emergency system designed for oil price crises. According to the report, some US officials believe a joint release in the range of 300 million to 400 million barrels would be appropriate.

This would represent 25% to 30% of the 1.2 billion barrels in the reserve.
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