G7 nations have said they are ready to take necessary measures to support the global supply of energy after the US-Israel war with Iran sent oil prices surging. However, a meeting of G7 finance ministers and the International Energy Agency (IEA) ended without an agreement to release strategic crude reserves.
At the virtual meeting, the option of releasing oil from stockpiles was one of several discussed. In a statement following the meeting, the G7 said they stand ready to take necessary measures, including to support global supply of energy such as stockpile release.
Head of the IEA, Fatih Birol said global oil markets have deteriorated in recent days. Birol said in addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed and it is creating significant and growing risk for the market.
The oil price reached nearly 120 dollars a barrel yesterday and later it declined.
