Ministers of the G7 countries held two meetings in two days to prepare for the potential use of their strategic oil reserves to lower prices caused by the war with Iran, UNN reports with reference to AP.
Details
At the first meeting of G7 finance ministers on Monday, a "decision in principle was made to use all available tools to stabilize markets, including the potential release of reserves," said French Finance Minister Roland Lescure. France currently holds the rotating G7 presidency.
Lescure made the statement after another meeting of G7 energy ministers on Tuesday, who "decided to continue working to prepare for any eventuality," he said.
Ministers asked the Paris-based International Energy Agency for updated data on oil reserves and "detailed information that we could have at hand if we decided to use the reserves," he said.
"We want to be ready to react at any moment," Lescure said.
Addition
On Monday, oil prices exceeded $100 per barrel, reaching their highest level since mid-2022. Oil prices fell on Tuesday after reaching a more than three-year high in the previous session, amid US President Donald Trump's prediction that the war in the Middle East could soon end, which eased fears of prolonged disruptions to global oil supplies.