Leaders of G7 nations declined to authorize an emergency release of oil from their strategic stockpile, leaving a powerful but risky price control tool unutilized for now. The price of Brent crude fell Tuesday morning below $90 per barrel, after soaring on Monday to nearly $120, its highest level since 2022, after US President Donald Trump said the war is “very complete.”
In a statement, the G7 said it “stands ready” to release oil but doesn’t see that step as necessary yet. The US has also so far declined to tap its Strategic Petroleum Reserve, in part because it is still significantly depleted from when the Biden administration authorized a release in 2022. Congress authorized $171 million for SPR refill purchases last year, but that’s only a fraction of the roughly $20 billion it would take to restore it completely.
