Strategic oil reserves on the table as G7 meets

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 Smoke rises following a strike on Bahrain’s Bapco Oil Refinery.—Reuters
Smoke rises following a strike on Bahrain’s Bapco Oil Refinery.—Reuters

PARIS: France’s finance minister thinks the G7 is “not there yet” in terms of any release of strategic oil reserves as the world’s leading industrialised nations held crisis talks on the economic fallout of the Middle East war.

France hosted a video meeting of G7 finance ministers on the Middle East crisis on Monday, as the war fuels fears for the global economy.

Earlier on Monday, French President Emmanuel Macron said the G7 would this week discuss a possible release of strategic oil reserves.

France holds the rotating presidency of the Group of Seven advanced economies, which also includes Canada, Germany, Italy, Japan, the United Kingdom and the United States.

Europe insists no ‘imminent’ shortage; Japan orders reserve to prepare for releases

However, speaking to reporters after chairing a video meeting of G7 finance ministers, French Finance Minister Roland Lescure said the group was “not there yet”.

Asked if they had agreed on releasing stockpiles to lower prices, Lescure said from Brussels: “What we’ve agreed upon is to use any necessary tools, if need be, to stabilise the market, including the potential release of necessary stockpiles.” Such a measure can only be effective if it is implemented in a “coordinated” manner, Lescure added.

The Financial Times reported earlier Monday that the finance ministers of the G7, which also includes Canada, Germany, Italy, Japan, the United Kingdom and the United States, were scheduled to discuss a joint release of strategic oil reserves coordinated by the International Energy Agency (IEA).

The report said three G7 countries, including the United States, had so far backed the idea.

The European Union has insisted there was “no imminent oil supply” shortage in Europe.

“Per our rules, all member states must have the 90 days emergency stocks,” said European Commission spokeswoman Anna-Kaisa Itkonen.

Putin’s offer

Russia would supply oil and gas to European buyers, provided such cooperation was “long-term” and did not put political pressure on Moscow, President Vladimir Putin said on Monday.

In a televised meeting, Putin said: “If European companies and European buyers suddenly decide to reorient themselves and provide us with long-term, sustainable cooperation, devoid of political pressures, free from political pressures, then go ahead. We’ve never refused,” Putin said.

Meanwhile, the Japanese government had instructed domestic oil reserve bases to prepare to make releases. Tokyo said no decision had been taken.

Japan’s strategic oil reserves were more than 400 million barrels as of December, and are among the world’s largest.

Prime Minister Sanae Takaichi said the reserves were equivalent to 254 days of consumption.

Published in Dawn, March 10th, 2026

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