Europe prepares to approve historic emergency oil release

BRUSSELS — European countries are gearing up to approve the release of 400 million barrels of oil to offset soaring energy costs and supply fears as war rages in Iran.

France, Italy, Germany and the U.K. have all signaled support for the measure, which would be the largest coordinated release of reserves in the International Energy Agency’s history. It would be more than twice the 182 million barrels of oil IEA countries released following Russia’s invasion of Ukraine in 2022.

“The IEA has requested that oil reserves amounting to 400 million barrels be released. We will comply with this request and make our contribution, because Germany supports the IEA’s most important principle of mutual solidarity,” Germany’s energy minister Katherina Reiche said on Wednesday.

Asian members — hit hardest thanks to their heavy exposure to the Persian Gulf — and the U.S. are also strongly supportive of tapping the reserves, according to two European officials familiar with the matter.

French President Emmanuel has convened a virtual meeting of G7 leaders at 3 p.m., which is expected to address the release decision.

The IEA — a key venue for wealthy countries to coordinate oil and gas supplies set up after the 1973 oil embargo — first proposed the measure late Tuesday during an extraordinary all-members meeting that followed a gathering of the G7, according to another person familiar with the matter.

Oil soared to over $100 a barrel over the past week as Iran struck energy infrastructure across the Persian Gulf in response to U.S.-Israeli airstrikes across Iran. It retreated to around $90 a barrel on early reports that the IEA had proposed tapping reserves.

The U.S. is among the biggest supporters of releasing the barrels, with rising oil prices a major concern for U.S. President Donald Trump ahead of mid-term elections this year. While the big European G7 countries have indicated support for the measure, it’s not clear the extent to which they will contribute. The group issued a statement early Wednesday saying it supported it “in principle.”

Other IEA countries have publicly supported measure, including Austria.