The energy ministers of the Group of Seven (G7) most developed industrial nations announced they are “ready” to take “all necessary measures” in coordination with the International Energy Agency (IEA), following their meeting on Tuesday in Paris against the backdrop of the war in the Middle East and the high volatility of oil prices.
Read: G7: No decision yet on oil reserve release due to Iran war
“We support in principle the implementation of decisive measures to address the situation, including the use of strategic reserves,” the G7 energy ministers stated in their joint announcement released on Wednesday (11/03).
It should be noted that, as became known Tuesday evening from the Wall Street Journal, the IEA is proposing an unprecedented use of strategic oil reserves to curb the rise in prices.
Meanwhile, French Economy Minister Roland Lescure stated today that the G7 heads of state and government, who will meet tomorrow in Paris at the request of French President Emmanuel Macron on the subject of the Middle East war, “will undoubtedly deal” with “the issue of strategic oil reserves.”
