G7: Ready to Act on Oil Reserves Amid Middle East Tensions

The Energy Ministers of the G7 stated they are 'ready' to take 'all necessary measures' to address rising crude oil prices, in coordination with the International Energy Agency (IEA), due to the conflict in the Middle East.

The Wall Street Journal reported that the IEA has proposed the largest release of strategic oil reserves to date, in order to curb the price surge caused by the US-Israel conflict with Iran.

Following a virtual meeting, the G7 Ministers stated they would carefully consider the recommendations and support the implementation of preventive measures, including the use of strategic reserves.

French Finance Minister, Roland Lescure, stated, 'We want to be ready to react at any time'.

Asian stocks continued to rise, while oil prices stabilized following the WSJ report.

IEA member countries currently hold over 1.2 billion barrels of public strategic emergency oil stocks.

Source: CNA