G7 says it is 'not there yet' on releasing emergency oil stocks
Mar 9th 2026
French minister says G7 has not agreed to tap emergency reserves as the IEA warns Gulf oil supply has deteriorated after strikes and near-total stoppage of traffic through the Strait of Hormuz, sending oil and gas prices higher and rattling markets.
- IEA says member countries hold over 1.2 billion barrels of public emergency stocks plus about 600 million barrels of industry stocks under government obligation.