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[Iran Crisis] IEA may release up to 400 million barrels of oil reserves G7 energy ministers: Taking "all necessary measures" to address rising oil prices
Hours before French President Emmanuel Macron hosts a G7 leaders’ video conference, the G7 energy ministers issued a statement saying they are prepared to coordinate with the International Energy Agency (IEA) to take “all necessary measures” to respond to the rise in crude oil prices caused by the Middle East war. The statement said, “In principle, we support taking proactive measures to address the current situation, including the use of strategic reserves.” Reports indicate that the IEA has proposed releasing approximately 300 to 400 million barrels of emergency oil reserves to curb soaring oil prices.
The statement also noted, “We are working closely with the IEA, monitoring energy market trends, and coordinating within the G7 as well as with our international partners, IEA member countries, and other stakeholders.”
The G7 leaders’ video conference is scheduled to begin at 10 PM Hong Kong time to discuss the Iran crisis and rising energy prices.
Currently, IEA member countries hold 1.2 billion barrels of public emergency oil reserves, with an additional 600 million barrels of industry reserves mandated by governments.