LONDON, March 9 — Finance ministers from the Group of Seven (G7) nations are set to discuss the possible release of oil reserves, reported the German Press Agency.
Citing the Financial Times, it stated that G7 representatives said Monday's emergency meeting aims to cushion the rapid rise in oil prices triggered by the conflict in the Middle East.
The ministers and the International Energy Agency's (IEA) director Fatih Birol are scheduled to hold a conference call at 1330 GMT to discuss the impact of the Iran war.
Three G7 countries, including the United States (US), have already lent their support to the proposal. The IEA member states hold strategic reserves as part of a joint emergency system to address oil price crises.
The Financial Times reported that the US is considering a joint release of 300-400 million barrels from the total 1.2 billion-barrel reserve.
Oil prices have continued to soar due to the war in the Middle East, which began on February 28, hitting almost US$120 per barrel overnight.
Economies release their strategic oil reserves in crises to stabilise the oil market or respond to supply shortages. This measure is rarely used.
In Germany, strategic oil reserves have been released four times to date, each time at the joint decision of IEA member countries.
