The G7 is discussing a coordinated release of 300 to 400 million barrels from strategic reserves, potentially organized by the International Energy Agency. With about 1.2 billion barrels held across G7 reserves, the move aims to quickly cool oil prices. The market reacted immediately, with crude falling back to around $100 per barrel on the news.
BREAKING: The G7 countries are considering a joint release of oil from reserves, potentially as much as 400 million barrels, as oil prices skyrocket, per FT.
Details include:
1. The release would be potentially coordinated by the International Energy Agency
2. Three G7…
— The Kobeissi Letter (@KobeissiLetter) March 9, 2026
BREAKING: US oil prices fall -$15/barrel in under 2 hours, now trading below $104/barrel, on reports that G7 countries are considering releasing 400 million barrels of crude oil reserves. pic.twitter.com/hMEJCK5QWZ
— The Kobeissi Letter (@KobeissiLetter) March 9, 2026
