G7 Open to Releasing Emergency Oil Reserves Amid Economic Impact of War

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FRANCE: Energy ministers from the Group of Seven (G7) major industrial nations have expressed openness to releasing emergency oil reserves in response to the economic impact of the ongoing war involving Iran.

In a joint statement distributed by France, which currently holds the G7 presidency, the ministers said on Wednesday that they support taking proactive measures to address the situation.

“In principle, we support the implementation of pre-emptive actions to respond to the situation, including the use of strategic reserves,” the statement said.

Oil prices have surged sharply since the outbreak of the war, raising concerns about global energy supply and economic stability.

The G7 includes Germany, the United States, Japan, Canada, the United Kingdom, France, and Italy.

G7 leaders are expected to discuss the broader economic consequences of the war and the global energy situation during a video conference scheduled for Wednesday afternoon.

In recent days, several discussions have taken place regarding the possible release of national oil reserves. The International Energy Agency also held a special meeting on Tuesday to review the issue.