French economy minister Roland Lescure says G7 countries need to reserve stockpiles for other potential oil market shocks.
Oil prices surged above $100 per barrel as the critical Strait of Hormuz remains closed due to threats from Iran.
The IEA's members are advanced economies in North America, Europe and Northeast Asia. They collectively hold about 1.2 billion barrels of oil in reserve.
G7 finance ministers and central bank governors are set to convene for a key meeting as diplomatic tensions escalate over the ...
G7 Energy Ministers will meet virtually on Tuesday to discuss a potential release of emergency oil reserves as Middle East tensions disrupt global supply, sources told CNBC. The talks follow a similar ...
India Today on MSN
G7 considers emergency oil reserve release amid Gulf crisis
G7 finance ministers are scheduled to hold a call with Fatih Birol, executive director of the International Energy Agency (IEA), to discuss the impact of the ongoing war involving Iran on global oil ...
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