French Finance Minister Roland Lescure says “all options are on the table” as the G7 countries consider releasing parts of their strategic oil reserves in response to the war in Iran.
France wants to hold further talks with partner countries, Lescure said, adding that the energy ministers of the G7 countries are due to meet for a conference call on the subject on Tuesday afternoon.
The International Energy Agency (IEA) will also be present at the meeting, Lescure said.
He said countries had asked the IEA to elaborate scenarios for a potential oil stockpile increase.
G7 finance ministers met on Monday to discuss the possible move but did not reach a decision.
Economies occasionally release their strategic oil reserves in crisis situations to stabilise the oil market or respond to supply bottlenecks but the measure is rarely used.
Oil prices soared after the outbreak of the war in the Middle East on February 28.
Lescure emphasised that the group is prepared to use all necessary means to ensure that the oil market stabilises.
It also wants to see a reduction in the recent sharp rise in prices at the pump, he said.
Lescure said there was no danger of oil shortages in France, Europe or the United States.
The aim is rather to ease the tense supply situation on Asian markets, for example, by increasing the amount of oil in circulation, he said.
with Reuters
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
