The G7 nations, in coordination with the International Energy Agency (IEA), have announced their readiness to take all necessary measures to curb the rising energy demand and market volatility caused by the ongoing conflict in the Middle East.
Operative Information Center-OMM reports, citing international media, that the G7 member states issued a joint statement today regarding global energy security.
The statement emphasized that G7 members are carefully reviewing proposals to stabilize the market. "In principle, we support the implementation of proactive measures to address the situation, including the potential release of strategic petroleum reserves," the group noted. Currently, IEA member countries hold more than 1.2 billion barrels of public oil reserves, with an additional 600 million barrels maintained under government mandates. French Minister Delegate for Industry and Energy Roland Lescure clarified in a separate statement that while the option is on the table, a final decision on the release has not yet been made at this stage.
The G7, consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, frequently collaborates with the IEA to manage global energy supply disruptions. Historically, collective actions to release strategic reserves have been utilized during major geopolitical crises to prevent price spikes that could destabilize the global economy. This latest move reflects growing concerns in Azerbaijan and internationally regarding the impact of regional instability on global supply chains and energy transition efforts.
