G7 to discuss emergency oil reserve release as Gulf war hikes crude prices: Report

The G7 finance ministers will discuss a possible release of emergency petroleum reserves as the Gulf war has pushed oil prices above $116/barrel for the first time in nearly four years, the Financial Times reported. Some US officials have proposed coordinated release of 300-400 million barrels, which represents 25-30% of reserves held by IEA member countries, the report added.