As war rages in Middle East, G7 to convene emergency meet to tackle global oil shock

G7 finance ministers are holding an emergency meeting with the IEA to discuss a joint release of strategic oil reserves. This move aims to ease global crude market tension and combat rising inflation spurred by the Middle East war. A coordinated release of 300-400 million barrels, representing 25-30% of IEA reserves, is being considered to stabilize prices.

New Delhi: An emergency meeting will be convened by the Group of Seven (G7) finance ministers on Monday. The meeting will take up the possible joint release of strategic oil reserves in a bid to ease the tension in global crude markets amid the mounting turmoil caused by war in the Middle East.

The finance ministers will hold a call with International Energy Agency (IEA) Executive Director Fatih Birol at 8:30 am (New York time) to gauge the impact of the war and its impact for global energy markets, Financial Times reported.

After the report, Brent crude prices have eased to $110 per barrel, while WTI crude went down to........

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