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G7 Welcomes Potential Record Release of Oil Reserves in Bid to Curb Soaring Prices
G-7 ministers coordinate with the International Energy Agency to consider emergency oil reserve releases amid Middle East conflict, holding over 1.2 billion barrels in stock.
- On March 11, G-7 energy ministers said they stood ready to take 'all necessary measures' with the International Energy Agency, backing proactive steps including possible use of strategic reserves.
- Amid strikes and retaliations, on March 10, IEA member states held crisis talks to assess supply security following disruptions in the Strait of Hormuz, with no decision made 'at this stage', reports said.
- Stockpiles total: IEA member countries hold over 1.2 billion barrels of public emergency stocks and 182 million barrels under mandate, exceeding 2022 releases.
- Markets reacted as Asian equities extended gains on March 11 while oil stabilised after the Wall Street Journal report, and Roland Lescure, French Finance Minister, said no decision had been taken 'at this stage'.
- The Wall Street Journal reported on March 10 that the IEA proposed its largest-ever oil reserve release, while French President Emmanuel Macron planned to chair a G-7 leaders video conference.
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16 Articles
16 Articles
G7 energy ministers today announced action to combat high oil prices, including the release of strategic oil reserves, which is said to be proposed by the IEA.
PARIS - The Group of Seven (G7) member countries, which comprise the world's major economies, have expressed a general openness to releasing oil reserves...
Coverage Details
Total News Sources16
Leaning Left0Leaning Right2Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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