Washington: Energy ministers from the Group of Seven (G7) countries have announced their readiness to take all necessary measures in coordination with the International Energy Agency (IEA) to address risks to global energy supplies arising from the conflict in the Middle East, according to a statement.
According to TRTworld.com, the announcement was made following a virtual meeting on Tuesday with Fatih Birol, the Turkish economist who leads the IEA, to evaluate the regional crisis's impact on global energy markets. In a joint communique, the G7 emphasized its commitment to closely monitoring oil and gas supply security and the volatility of energy prices across member countries and globally.
The G7 ministers, in collaboration with the IEA, reiterated their vigilant monitoring of energy market trends and coordination within the G7 and with international partners. They expressed support in principle for proactive measures to tackle potential disruptions, including the strategic use of reserves.
Furthermore, the IEA proposed a coordinated release of approximately 300 million to 400 million barrels from strategic stockpiles held by its member countries, as per a person acquainted with the discussions. If approved, this would represent the largest emergency oil release in the IEA's history.
The energy ministers also underscored their commitment to carefully reviewing recommendations from the discussions, affirming their readiness to act if necessary. "We agreed to stand ready to take all necessary measures in coordination with IEA Members," the communique stated.
Since the joint attacks by Israel and the US on Iran on February 28, which have resulted in over 1,200 casualties including former Supreme Leader Ali Khamenei, hostilities have intensified. Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets.
In addition, Iran effectively closed the Strait of Hormuz on February 28, a pivotal waterway that typically handles about 20 million barrels of oil shipments daily and roughly 20 percent of the global liquefied natural gas trade.