The International Energy Agency (IEA) has called on the G7 countries to release strategic oil reserves to stabilize the market, which is experiencing a shock due to the situation in the Middle East.
According to Reuters, Japanese Finance Minister Satsuki Katayama said this on Monday, March 9.
According to him, the IEA appealed to the G7 countries to carry out a coordinated release of strategic oil reserves in response to the situation in the Middle East. The G7 agreed to continue to monitor developments in the energy market and take measures to maintain global supplies, including the release of oil reserves.
Katayama added that the IEA was also joined by the heads of the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development (OECD).
"The G7 will hold a meeting of energy ministers soon to discuss further steps," Katayama said during the briefing.
As the Ukrainian News agency earlier reported, due to the war between Israel and the United States against Iran, world oil prices last weekend exceeded USD 100 per barrel.
At today's auction, the price of a barrel of Brent crude oil reached almost USD 120. This has not happened since the beginning of the full-scale invasion of Ukraine by the aggressor country russia.
The news that the Persian Gulf countries, which account for 20% of global oil exports, announced production cuts adds fuel to the fire.
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