G7 considers emergency oil reserve release amid Gulf crisis
India Today
G7 finance ministers are scheduled to hold a call with Fatih Birol, executive director of the International Energy Agency (IEA), to discuss the impact of the ongoing war involving Iran on global oil markets.
Global oil markets are facing fresh turbulence as the conflict in the Gulf pushes crude prices sharply higher. In response, finance ministers from the Group of Seven (G7) countries are holding an emergency discussion to consider releasing oil from strategic reserves to stabilise markets, reported Financial Times.
The meeting comes at a time when rising energy prices are beginning to worry governments and investors around the world.
G7 finance ministers are scheduled to hold a call with Fatih Birol, executive director of the International Energy Agency (IEA), to discuss the impact of the ongoing war involving Iran on global oil markets.
According to people familiar with the discussions, the meeting is aimed at exploring whether member countries should jointly release oil from their emergency reserves. The call is set to take place at 8.30am New York time.
So far, three G7 countries, including the US, have expressed support for the idea of releasing oil from reserves if the situation worsens.
The IEA’s 32 member countries maintain strategic petroleum reserves as part of a system created to respond to severe disruptions in global oil supply.
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Sensex has declined over 6,000 points or roughly 7.5% in a little over two weeks as global tensions and rising oil prices triggered selling in equities.
Speaking in Parliament, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has adequate fuel stocks, and there is no cause for concern over availability.
Industry sources told India Today TV that airline operators are now paying additional insurance charges for every aircraft flying into the Middle East, significantly increasing the cost of operations on these routes.
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Early signals from GIFT Nifty suggest that the benchmark indices could open lower when trading begins. GIFT Nifty futures were trading at 23,784.50 at around 7:58 am. This indicates that the Nifty 50 may open below Wednesday's closing level of 23,866.85.
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The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.
At around 10:47 am, the BSE Sensex was down 750.68 points or 0.96% at 77,455.30, while the Nifty 50 slipped 208.25 points or 0.86% to 24,053.35.
Air India said the fuel surcharge is due to the sharp rise in aviation turbine fuel (ATF) prices since early March 2026, triggered by supply disruptions in the Gulf region.
Rahul Bhatia expressed gratitude to employees who worked tirelessly to restore operations during that challenging period, praising their resilience and dedication.