G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.The IEA said it
G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.
The IEA said it was convening an extraordinary meeting of its member states on Tuesday.
Members would "assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," IEA Executive Director Fatih Birol said.
"We have asked the IEA to elaborate scenarios for a potential oil stock release, we need to be ready to act at any moment," French Finance Minister Roland Lescure told journalists after the G7 ministers held a call to discuss soaring energy prices due to the war in Iran.
The G7 comprises the United States, Canada, Japan, Italy, Britain, Germany and France.
IEA Meets to Assess Situation
Benchmark oil prices surged to almost four-year highs on Monday but prices plummeted 11% on Tuesday after U.S. President Donald Trump predicted the war in the Middle East could end soon.
Later on Tuesday, EU leaders are due to discuss competitiveness, including energy prices, on a call with German Chancellor
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