G7 finance ministers will discuss this Monday (9) a possible coordinated release of strategic oil reserves to contain the spike in prices caused by the war in the Gulf.
The emergency meeting will be held via video conference with the participation of Fatih Birol, executive director of the International Energy Agency (IEA), according to people familiar with the matter.
The initiative provides for a joint release of oil from stocks held by IEA member countries. According to sources involved in the discussions, authorities estimate a volume of between 300 million and 400 million barrels, equivalent to around 25% to 30% of the 1.2 billion barrels stored in strategic reserves.
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So far, three G7 countries, including the United States, have expressed support for the proposal.
The discussion takes place after a .
Brent, an international reference, rose 24% during trading in Asia, reaching US$ 116.71 per barrel, before reducing part of the gains and operating with an increase of close to 19%, at US$ 110.85 after the news of the meeting.
WTI oil, a reference in the United States, rose 28%, to US$ 116.45, before falling to around US$ 102.87 a barrel, still up more than 13%.
Emergency system
Strategic oil stocks are part of a collective system created in 1974 with the founding of the IEA, after the Arab oil embargo that caused a severe energy crisis in the West.
Today, the agency’s 32 member countries maintain public reserves totaling approximately 1.24 billion barrels, in addition to approximately 600 million additional barrels in industry stocks.
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According to a document prepared for an emergency IEA meeting held last week, this volume could cover almost a month of total oil demand in member countries or more than 140 days of net imports.
The United States and Japan hold around 700 million barrels of these public reserves.
