Oil, G7: ready to release stocks if needed to support supply
The release of 3-400 million barrels, about 25%-30% of the reserves available to the 32 IEA member countries, is being considered
TheFinance Ministers of the G7 affirmed their readiness to intervene with any measures necessary to support the world energy supply, including the possibility of releasing oil from strategic reserves.
"We will continue to closely monitor the situation and developments in the energy markets and will meet whenever necessary to exchange information and coordinate our actions within the G7 and with international partners," reads a note from the group. "We stand ready to take the necessary measures, including to support global energy supply, such as the release of stocks."
The G7 finance ministers held a virtual meeting on 9 March to discuss the Middle East conflict, its impact on regional stability, the state of the global economy and financial markets, and the importance of securing trade routes.
The discussion was also attended by the heads of the International Monetary Fund, the World Bank Group, the Organisation for Economic Cooperation and Development and the International Energy Agency.
According to the Financial Times, the release of 300-400 million barrels, approximately 25%-30% of the available reserves of the 32 member countries of the IEA, is being considered.
