Due to the energy crisis caused by the US and Israel's war with Iran, G7 finance ministers expressed their willingness to partially release oil from their reserves. However, a final decision has not yet been made, DW reports.
The finance ministers of the G7 countries (US, UK, Germany, France, Italy, Canada, and Japan) expressed their willingness to partially release oil from their reserves.
"We are ready to take the necessary measures, including supporting global energy supplies, for example by releasing oil reserves," the joint statement reads.
At the same time, the French side warned that a decision on the possible use of part of their national oil reserves has not yet been made.
Fatih Birol, head of the International Energy Agency (IEA), also attended the online G7 meeting and briefed the ministers on the deteriorating situation in global oil markets.
The finance ministers of the G7 countries (US, UK, Germany, France, Italy, Canada, and Japan) expressed their willingness to partially release oil from their reserves.
"We are ready to take the necessary measures, including supporting global energy supplies, for example by releasing oil reserves," the joint statement reads.
At the same time, the French side warned that a decision on the possible use of part of their national oil reserves has not yet been made.
Fatih Birol, head of the International Energy Agency (IEA), also attended the online G7 meeting and briefed the ministers on the deteriorating situation in global oil markets.