Germany, Japan to unblock oil reserves as G7 stands ‘ready’ to act

South China Morning PostEN 1 min read 100% complete by Agence France-PresseMarch 11, 2026 at 01:29 PM

AI Summary

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Japan and Germany have announced plans to release oil reserves from their strategic petroleum stocks to address rising crude prices due to the Middle East war. The International Energy Agency (IEA) has asked member states to release 400 million barrels of oil. France, currently chairing the Group of Seven (G7), said nations are coordinating their steps as G7 energy ministers prepared to discuss the economic fallout from the US-Israeli war with Iran at a video conference meeting. Japan plans to release its reserves as early as Monday, while Germany's Economy and Energy Minister Katherina Reiche did not specify a date for her country's move. The IEA has asked member states to take action to ease supply and demand in the international energy market. G7 energy ministers are ready to take "all necessary measures" to address the situation.

Key Entities & Roles

Key Player Opposition Context

Iran 40% United States 40% Emmanuel Macron 50% Katherina Reiche 50% Sanae Takaichi ×250% US-Israeli war 60% France 60% Middle East ×270% International Energy Agency ×270% Group of Seven ×280% Japan ×490% Germany ×390%

Keywords

oil reserves 100% crude prices 80% g7 70% iea 70% middle east 60% energy market 60% supply and demand 50% strategic petroleum reserves 50% economic fallout 40%