Proposed by G7 Energy Ministers; International Energy Agency (Secretariat coordination) · 9/30/2024
G7-IEA Strategic Petroleum Reserve coordination framework
A non-binding framework setting trigger thresholds and release sizes for coordinated G7/IEA Strategic Petroleum Reserve drawdowns in response to Hormuz disruptions. Pre-commits to a tiered response — 30M bbl release if Brent breaches $110, 60M bbl at $130, full coordinated drawdown at sustained $150+ — and includes a re-fill commitment when prices stabilise below $90.
Key points
- Tiered SPR-release triggers: $110 / $130 / $150+ Brent
- 30M / 60M / full coordinated drawdown sizes
- Re-fill commitment when prices stabilise below $90
- Quarterly review of reserve levels
- Non-binding; sovereign discretion retained
- Targets price stability, not market manipulation
Supported by
- United States
- Japan
- Germany
- France
- United Kingdom
- Italy
- Canada
Opposed by
- OPEC+ (concern over price-suppression intent)