G7 considers SPR release

The International Energy Agency (IEA) may coordinate a release of emergency oil stocks from its member countries, which include the G7, to stabilize markets amid the ongoing conflict involving Iran. IEA members are required to maintain emergency reserves equivalent to at least 90 days of net oil imports. As of February 2026, the U.S. Strategic Petroleum Reserve (SPR) held 415.4 million barrels of crude oil. The G7 nations are closely monitoring the energy market and are prepared to respond if the situation worsens, though some, like France, indicate coordinated action isn't yet necessary. French Finance Minister Roland Lescure stated the G7 is ready to act if needed but hasn't reached a point where coordinated action is necessary. The last coordinated IEA release occurred in 2022, when over 180 million barrels were released following Russia's invasion of Ukraine. Factors influencing crude oil prices include supply and demand, OPEC decisions, economic conditions, and geopolitical events. Disruptions such as the closure of the Strait of Hormuz, which sees about 20% of global oil supply pass through it, can significantly impact prices. The IEA's Executive Director, Fatih Birol, participated in a G7 Finance Ministers meeting to discuss the global economic situation and Middle East conflict. Releases from the SPR have been used in the past to mitigate supply disruptions caused by events like Operation Desert Storm and Hurricane Katrina. A coordinated release of 60-100 million barrels could temporarily reduce Brent crude prices by $10-20 per barrel. However, some experts believe that SPR releases offer only a temporary pause and have a modest impact on global oil prices.