G7 still considering release of oil reserves: France
French Finance Minister Roland Lescure said “all options are on the table” as G7 countries consider releasing some of their strategic oil reserves in response to the war in Iran.
Lescure said France wanted to hold further talks with partner countries, adding that energy ministers of the G7 countries would meet for a conference call on the issue on Tuesday afternoon.
Lescure said that the International Energy Agency (IEA) will also be present at the meeting.
He said countries have asked the IEA to prepare scenarios for potential oil stock increases.
G7 finance ministers met on Monday to discuss the possible move but failed to reach a decision.
Economies occasionally release strategic oil reserves in crisis situations to stabilize the oil market or respond to supply bottlenecks, but this measure is rarely used.
Oil prices rose rapidly after February 28, when the war in the Middle East began.
Lescure emphasized that the group is ready to use all necessary tools to ensure the stabilization of the oil market.
The official also said that he would like to see the recent sharp increase in pump prices decrease.
Lescure said there was no danger of oil shortages in France, Europe or the United States.
Rather, he said, the aim was to ease the tense supply situation in Asian markets, for example by increasing the amount of oil in circulation.
via Reuters
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