Local time on March 9, finance ministers of the Group of Seven (G7) held an emergency telephone meeting, focusing on the surge in international oil prices caused by the Middle East conflict, and discussed countermeasures to stabilize the global energy market. The meeting finally reached a consensus: it will not immediately release strategic oil reserves, but clearly stated that it is ready to take action at any time.

In a joint statement issued after the meeting, the G7 pointed out that the global energy market is facing severe challenges, and all countries will closely monitor market dynamics and strengthen information sharing and policy coordination. The statement emphasized that the G7 is ready to take all appropriate measures when necessary, including coordinated release of strategic oil reserves, to ensure the stability of global energy supply and price stability. However, the statement did not give a specific timetable or quantitative indicators on the core issues most concerned by the market, such as “when to release and how much to release”.

This decision has triggered widespread controversy in the market. Supporters believe that against the background of the unclear situation and the sharp decline in oil prices, delaying the release of reserves is a prudent move, which can retain policy ammunition to deal with more extreme situations in the future. Critics pointed out that the G7’s ambiguous attitude has exacerbated market uncertainty, failed to effectively calm investor sentiment, and may have missed the best opportunity to stabilize oil prices and ease global inflationary pressure.

At the same time, G7 energy ministers plan to hold another round of telephone meetings on March 10 (Tuesday) to conduct more in-depth consultations on the specific plan for releasing strategic oil reserves. The market generally expects that if the Middle East situation deteriorates again or oil prices get out of control, the probability of the G7 releasing reserves in coordination will increase significantly.