G7 nations are considering a coordinated release of strategic petroleum reserves in an effort to curb rising oil prices. Finance ministers from the United States, Japan, Canada, the United Kingdom, France, Germany, and Italy are discussing a joint release of crude oil to counteract price increases triggered by ongoing conflict in the Middle East. The Financial Times reports that the decision, mirroring similar actions taken following the invasion of Ukraine, would also involve the International Energy Agency.
Oil Prices Reach Highest Levels Since 2022
Recent disruptions, including the blockage of the Strait of Hormuz and attacks on facilities in Gulf countries by Iran, have pushed oil prices to their highest levels in approximately four years. West Texas Intermediate (WTI) crude reached $104.90 per barrel this morning, while Brent crude from the North Sea hit $108.50, though both have since seen a slight decline. The situation underscores the sensitivity of global energy markets to geopolitical instability.
Total G7 Petroleum Reserves
Global strategic petroleum reserves currently total around 8.2 billion barrels, according to data from the International Energy Agency (IEA), reaching their highest level since 2021 in 2025. IEA members hold strategic reserves of 1.2 billion barrels, supplemented by 600 million barrels of private deposits held under legal requirements. The European Commission estimates that EU countries collectively hold 43.5 million metric tons (approximately 6.8 barrels per metric ton) of strategic oil reserves as of last May. Italy holds 2.7 million, France 5.1 million, and Germany 12.6 million. The United States is estimated to hold around 415 million barrels, while Canada, as a net exporter, has no mandatory requirements. Japan holds 260 million barrels (data from Bloomberg). The United Kingdom’s regulations require reserves sufficient for 90 days of supply. These strategic reserves represent only a portion of the total petroleum reserves held by each G7 nation, which totaled between 250 and 260 billion barrels at the end of 2025, broken down as follows: Canada 163.1 billion, United States 83.72 billion, United Kingdom 1.5 billion, France 67.58 million, Germany 105.84 million, Italy 578 million, and Japan 44.11 million.
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The United States is reportedly in agreement for a joint release of between 300 and 400 million barrels, representing roughly 25-30% of total reserves. This potential coordinated action aims to stabilize global energy markets amid heightened uncertainty.
