Energy ministers of the G7 have said they “stand ready” to take “all necessary measures” in coordination with the International Energy Agency (IEA) to tackle the rise in crude oil prices due to the Middle East war, reports Al Jazeera.
After a virtual meeting yesterday with the IEA’s executive director, they said in a statement that “G7 members will carefully consider the recommendations issued during these discussions”.
“In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,” they said, adding they were coordinating within the G7, with IEA member countries and beyond.
“We agreed to stand ready to take all necessary measures in coordination with IEA Members.”
IEA member countries currently hold more than 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.
The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.
Bd-pratidin English/TR
