G7 finance ministers are scheduled to take part in an emergency conference call on Monday to examine the prospect of a joint release of petroleum from strategic reserves held by members of the International Energy Agency (IEA), as global crude prices have climbed amid conflict in the Gulf.
The call will include Fatih Birol, the IEA's executive director, and is slated to begin at 8.30 am New York time, participants familiar with the arrangements said, including a senior G7 official. Those briefed on the situation described the meeting as a focused discussion on whether and how to coordinate a drawdown from collective IEA reserves to calm markets.
Not all G7 members have publicly aligned behind a joint action, but three members of the group - among them the United States - have expressed support for the idea, according to officials with knowledge of the talks.
The IEA's membership includes 32 countries that maintain strategic petroleum reserves as part of a collective emergency framework designed to respond to episodes of sharply higher oil prices or supply disruptions. Officials involved in recent deliberations have outlined a potential scale for any coordinated release, with some U.S. officials indicating that a drawdown in the range of 300 million to 400 million barrels could be appropriate.
By that calculation, a release of 300-400 million barrels would equal roughly 25% to 30% of the total 1.2 billion barrels held across IEA member reserves. The size and timing of any agreed release remain subject to the outcome of consultations among G7 ministers, IEA leadership and other member countries.
Officials involved in these exchanges have not announced a final decision and say discussions are ongoing. The emergency meeting reflects heightened concern among policy makers about recent market moves tied to the regional conflict and the potential need for a coordinated response using shared emergency stockpiles.