Japan on Tuesday said the G7 energy ministers are prepared to carry out joint oil stockpile release in the wake of the US-Israel war on Iran.
The energy ministers had held a virtual meeting on Tuesday morning to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war.
According to The Japan News, they discussed the impact of the Middle East conflict on the global economy and financial markets, as well as the protection of trade routes such as the Strait of Hormuz.
Following the meeting, the ministers issued a joint statement pledging to “support global supply of energy".
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The Japan News quoted Finance Minister Satsuki Katayama saying at a press conference, “Reaching agreement on releasing oil reserves and taking other necessary measures is a very significant achievement."
He pointed out that maritime transport through the Strait of Hormuz is critically important for stable energy supplies to Asian countries.
IEA Executive Director Fatih Birol called for urgent action on coordinated releases of oil reserves.
The meeting was attended by the heads of the International Energy Agency, the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development.
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Source: World News in news18.com, World Latest News, World News
