G7 finance ministers will consider releasing strategic oil reserves to stabilise energy markets rocked by the Middle East crisis at a meeting on Monday.
PARIS: G7 finance ministers will consider releasing strategic oil reserves to stabilise energy markets rocked by the Middle East crisis at a meeting on Monday.
A French government source confirmed the option is under review for the meeting scheduled for 1:30 pm Paris time.
The meeting will “review the situation in the Gulf from an economic point of view” and the “events of recent days”, according to the French finance ministry.
The Financial Times reported earlier that ministers were set to discuss a joint release coordinated by the International Energy Agency.
Asian stock markets plunged on Monday as oil prices soared 30% on fears about Middle East supplies.
The US-Israeli war against Iran continued into a second week with no sign of letting up.
The price surge was pared after the FT report, which said three G7 countries, including the United States, had so far backed the idea.
US President Donald Trump said the spike was a “small price to pay” to eliminate Iran’s nuclear threat.
The White House insists the price rise is temporary.
The IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.
It requires members to hold emergency oil stocks equivalent to at least 90 days of net imports.
France currently holds the rotating presidency of the G7, which also includes Canada, Germany, Italy, Japan, the UK and the US.
