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Wells at the San Ardo Oil Field in San Ardo, California, US. 9 March 2026.

Markets

Video. Oil steadies as IEA and G7 move to release record reserves

Updated: 11/03/2026 - 13:50 GMT+1

Oil is trading flat in expectation that the International Energy Agency could trigger the largest-ever release of oil reserves, exceeding the 182 million barrels in 2022 after Russia’s invasion of Ukraine. The G7 will also meet on Wednesday to discuss using the reserves.

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