G-7 finance ministers say they are ready to release oil stockpiles if needed to support global energy supply
The Facts
- G-7 finance ministers held a virtual meeting to discuss the Middle East conflict and its implications, including impacts on global economic conditions and financial markets.
- In a statement after the meeting, the G-7 said it is ready to take necessary measures to support global energy supply, including a possible release of oil stockpiles/strategic reserves.
- The G-7 said it will continue to closely monitor energy-market developments and meet as needed to exchange information and coordinate with international partners.
- France, which holds the G-7 presidency, said the group is not yet at the point of organizing a coordinated release of emergency oil inventories.
- French Finance Minister Roland Lescure said the G-7 is ready to take necessary measures to stabilize the oil market, including using strategic reserves, but no decision had been made at that time.
- G-7 energy ministers were scheduled to meet in Paris to continue discussions that include the option of an emergency oil stock release, according to Lescure.
Context
Did the G-7 decide to release strategic oil reserves immediately?
No. While the G-7 said it stands ready to take measures including a stockpile release, France’s Roland Lescure said the group was “not there yet,” indicating no final decision to release reserves at that point. MoneyControl Bloomberg Business
What did the G-7 say it would do next?
The ministers said they would closely monitor energy-market developments and meet as needed to exchange information and coordinate within the G-7 and with international partners. Hindustan Times Investing.com
Who else was involved in the discussions besides G-7 finance ministers?
Reporting on the meeting said the heads of the International Monetary Fund and the World Bank Group were involved, and a separate report said G-7 energy ministers would meet at the International Energy Agency in Paris to discuss options including a potential reserve release. Bloomberg Business Investing.com
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