On Tuesday, the energy ministers of the G7 countries asked the IEA to assess the situation in connection with the conflict in the Middle East. The agency announced that it was convening an extraordinary meeting of member states.
As French Economy Minister Roland Lescure announced in Paris, G7 representatives asked the IEA to “develop scenarios regarding the possible release of oil reserves.” – We must be ready to act at any moment – Lescure said. He also assured that “everyone, including the US, is ready to take action to stabilize the market.”
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The head of the IEA, Fatih Birol, announced that the organization is convening a meeting of its members to consider the decision to use strategic reserves. Birol announced that the meeting will allow “to assess the current level of security of supply and the market situation in order to decide on the possible release to the market of emergency stocks belonging to IEA countries”.
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Since the outbreak of the US and Israel's war with Iran, i.e. since February 28, traffic through the Strait of Hormuz has practically stopped. Under normal conditions, approximately 20% of the goods are transported via this route. world oil consumption. The practical blockade of this route contributed to a sharp increase in oil prices on world markets.
