G-7 ready to release oil stockpiles if needed to help supply
The Straits Times
However, the group has said that it is not at the point of doing so yet. Read more at straitstimes.com.
The Group of Seven (G-7) finance ministers said they were ready to take any steps needed to support global energy supply, including releasing strategic oil reserves – although the group is not at the point of doing so yet.
“We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G-7 and with international partners,” the group said in a statement.
“We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”
The G-7 finance ministers held a virtual meeting on March 9 to discuss the conflict in the Middle East, its impact for regional stability, global economic conditions, and financial markets, and the importance of secure trading routes.
France, which holds the presidency, said the group was was not yet at the point of organising a release.
Brent oil futures surged as much as 29 per cent at one stage on March 9 before sharply paring their gains when it emerged that the G-7 would discuss a possible stockpile release.
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