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G7 Weighs Oil Reserve Release as Prices Surge
Energy ministers from the Group of Seven (G7) met on Tuesday morning to discuss releasing strategic oil reserves in response to a virtual standstill at the Strait of Hormuz. Yesterday, reports circulated that several G7 members were considering releasing between 300 and 400 million barrels of oil from stockpiles.
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French Finance Minister Roland Lescure emphasized that the group must be ready to act “at any moment” and has already contacted the International Energy Agency (IEA) to discuss release scenarios.
Crude Oil Soars as G7 Considers Tapping Stockpiles
The G7 itself doesn’t hold any oil reserves. Instead, each member country uses its own strategic reserves, which the IEA can coordinate in the event of a global supply crisis. The IEA is set to meet later today to assess the situation.
Crude oil futures (CL) have climbed by 17% over the past week amid plummeting traffic at the strait and production restrictions in several Middle Eastern countries. After Israel launched strikes against key Iranian energy infrastructure sites over the weekend, Iran warned that oil could more than double to $200 if the attacks continue.
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