G7: We are ready to use the strategic reserve to support energy supplies
The Finance Ministers of the Group of Seven (G7) announced their readiness to take any necessary steps to support global energy supplies, including the withdrawal of Strategic oil reserves. The group said in a statement: "We will continue to monitor the situation and developments in Energy markets closely, and we will meet as needed to share information and coordinate within the G7 and with international partners". The statement added: "We stand ready to take the necessary measures, including supporting global energy supplies, such as releasing stockpiles". The G7 finance ministers held a virtual meeting today, Monday, to discuss the conflict in the Middle East, its impact on regional stability, global economic conditions, and Financial markets, and the importance of securing trade routes. The heads of the International Monetary Fund, the World Bank Group, the Organization for Economic Cooperation and Development, and the International Energy Agency participated in the discussion. Oil prices rose by about 8% today, Monday, retreating from their gains after recording their highest level since 2022 earlier in the session, as a number of members of the Organization of… "OPEC" Supplies due to disruptions caused by the escalating US-Israeli war with Iran. Brent crude futures rose $7.21, or 7.8%, to $99.90 per barrel by 16:43 GMT, while US West Texas Intermediate crude rose $4.50, or 5.0%, to $95.40. At the beginning of trading, the price of Brent crude oil rose to $119.50 per barrel, recording its largest absolute price jump in one day, and the price of West Texas Intermediate crude oil reached $119.48.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
