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Tsvetana Paraskova
Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.

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G7 Backs Oil Reserves Release to Curb Middle East Supply Crunch
By Tsvetana Paraskova - Mar 11, 2026, 6:30 AM CDT

The G-7 group of the world’s most advanced economies support in principle the idea to release strategic petroleum reserves to calm the market as supply from the Middle East is choked at the Strait of Hormuz.

“Working alongside the IEA, we are vigilantly monitoring energy market trends and are coordinating within the G-7 and with our international partners, IEA member countries, and beyond,” G-7 energy ministers said in a statement emailed to Bloomberg on Wednesday.

The ministers noted they support in principle the “implementation of proactive measures to address the situation, including the use of strategic reserves.”

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Posted by Slevin7

Member since Sep 2015

2789 posts

Posted on 3/11/26 at 7:38 am to bigjoe1

I support filling those bad boys up so when this all comes to a head the US isn’t hamstrung by a scarcity of oil.

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Posted by Nosevens

Member since Apr 2019

18654 posts

Posted on 3/11/26 at 7:45 am to bigjoe1

Now G7 believes in fossil fuels ? Will the sun quit shining or the wind quit blowing in those G7 affiliates ? Maybe they should just charge their batteries up instead

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Posted by Good Times

Hill top in Tn

Member since Nov 2007

24759 posts

Posted on 3/11/26 at 7:51 am to Nosevens

Well, it is the Strategic Oil Reserve.

Reserved for Democrats to use to offset their policy mistakes, and lower prices leading up to elections.

Strategic, in the sense, to force Republicans to refill at a higher price to be available if the SHTF.

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