G7 Energy Ministers meet today to discuss the crisis caused by the Middle East conflict
Energy ministers from the US, Canada, Japan, France, Italy, Germany, and the UK will meet this Tuesday virtually to discuss the supply cut caused by the Iranian war and the possible release of oil reserves.
G7 Energy Ministers, comprising the United States, Canada, Japan, France, Italy, Germany and the United Kingdom, will hold a virtual meeting this Tuesday to discuss the supply cut caused by the situation following the US and Israel attacks on Iran and discuss the possible release of oil reserves, according to CNBC.
Thus, the Energy Ministers of the G7 will meet the day after the virtual meeting. The members of the Finance Department were prepared to take the necessary measures, including the release of strategic oil reserves, but did not take a fixed decision.
According to sources consulted by the US network, talks between G7 members have been "positive." They have specified that any coordinated action to release reserves would follow today's meeting of energy ministers.
In this regard, the US has considered thejoint release of300 to 400 million A0barrels to be appropriate, that is, between 25 and 30% of the 1.2 billion barrels in reserve.
Although oil prices rose this Monday above $100 as a result of the uncertainty following the closure of the Strait of Hormuz, expectations of the release of oil reserves significantly eased the pressure, and the cost of a barrel of oil fell below $100.
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