Gate News reports that on March 26, French Minister of Trade Papan stated that the G7 finance ministers, central bank governors, and energy ministers—comprising the United States, Japan, Germany, the United Kingdom, France, Italy, and Canada—will discuss the release of strategic oil reserves at next week’s meeting. He said, “The focus of the discussion will be on releasing strategic reserves.”
The background for this discussion is the conflict between Iran, the United States, and Israel, which has effectively blocked the Strait of Hormuz, impacting about one-fifth of global energy supplies. The International Energy Agency (IEA), responsible for coordinating member countries’ energy policies, agreed on March 11 to release some strategic reserves to ease the situation. IEA Executive Director Birol stated that more reserves could be released if necessary.
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