G7 Nations Agree to Boost Oil Production from Unaffected Suppliers Amid Middle‑East Conflict
On Wednesday, 11 March, the Group of Seven (G7) – convened via a video conference at France’s initiative – reached a consensus to encourage oil‑producing countries that are not impacted by the closure of the Strait of Hormuz to increase output and help offset the deficit caused by the war in the Middle East.
Key Points from the G7 Statement
| Issue | G7 Position |
|---|---|
| Oil supply | Urge non‑blocked producers (especially Gulf economies) to raise production to fill the shortfall. |
| Sanctions on Russia | Re‑affirmed “unity and determination to continue sanctions against Russia.” |
| Coordination | Agreed to coordinate between G7 members and Gulf economies on the economic fallout of the Middle‑East war. |
| Market monitoring | Committed to closely track impacts on fuel, gas, and fertilizers – a critical concern for farmers and global food security. |
Context: War‑Driven Oil Price Surge
- The conflict that erupted on 28 February triggered a sharp rise in oil prices because tanker traffic through the Strait of Hormuz – a chokepoint for more than 20 % of global crude and gas supplies – was severely restricted.
- Prices were relatively stable around US $70 per barrel up to 27 February.
- They then spiked to US $119 per barrel on 9 March, before falling back below US $100 after the U.S. President signaled an imminent end to hostilities.
- The volatility sparked significant anxiety and disruptions across stock and energy markets.
Immediate G7‑Led Action
- The International Energy Agency (IEA), acting on G7 pressure, announced on Wednesday the release of approximately 400 million barrels from the world’s strategic oil reserves.
Market Snapshot (12 March)
- Brent crude: US $96 per barrel (just before noon).
- WTI (West Texas Intermediate): US $91 per barrel, showing an upward trend.
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