Energy ministers from the Group of Seven (G7) said on Wednesday, March 11th they are prepared to take “all necessary measures” in coordination with the International Energy Agency (IEA) to address rising crude oil prices linked to the war in the Middle East.
The statement came as French president Emmanuel Macron, whose country currently holds the rotating G7 presidency, prepared to chair a video conference of G7 leaders to discuss the economic consequences of the conflict, according to the French presidency.
Earlier this week, member states of the Paris-based International Energy Agency (IEA) held crisis talks to evaluate the security of global oil supply and to discuss the possible release of emergency reserves after the war unsettled energy markets. G7 energy ministers stated:
In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves.
UPDATE: Subsequently the 32 members of the IEA did agree to their largest ever release of oil reserves, about 400 million barrels or four days’ supply, in an effort to calm global markets.
Previously, the energy ministers had stressed that coordination was continuing within the G7, with IEA member states, and with other partners as they monitor developments.
French finance minister Roland Lescure said that no decision had been taken “at this stage.” Speaking on BFMTV/RMC, he said governments wanted to send a clear signal that if the Strait of Hormuz cannot be reopened, alternative oil supplies could be sourced from other regions and circulated around the world.
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