G7 Energy Ministers Support Proactive Measures Including Use of Strategic Reserves

The energy ministers of the Group of Seven (G7) countries announced on the 11th (local time) that they "support the implementation of proactive measures, including the use of strategic oil reserves," in response to instability in the international oil market.

AP Yonhap News

According to AFP, this statement was issued jointly by the ministers after holding a video conference with the International Energy Agency (IEA) the previous day.

The ministers stated, "We are prepared to take all necessary actions in cooperation with IEA member countries," and added, "G7 member nations will carefully review the recommendations made during this round of discussions."

In response to the international oil price approaching 120 dollars per barrel on the 9th, following the escalation of war in the Middle East, G7 member nations convened an emergency video conference of finance ministers on that day and held an energy ministers' meeting on the 10th.

The IEA, which decides on the release of strategic oil reserves, also convened an emergency intergovernmental meeting late in the afternoon on the 10th to assess the current supply stability and market conditions. The IEA has stated that it will make a final decision on whether to release strategic reserves based on the results of this assessment.

Emmanuel Macron, President of France, which is serving as the chair country of this year's G7 summit, is scheduled to preside over a video summit at 3 p.m. today to review measures aimed at alleviating the energy crisis.

This content was produced with the assistance of AI translation services.