G7 officials will discuss the release of strategic oil reserves

Golden Ten Data reported on March 26 that French Trade Minister Papin said on Thursday that G7 finance ministers, central bank governors, and energy ministers will discuss the release of strategic oil reserves at their meeting next week. He stated, "The focus of the discussion will be on the release of strategic reserves." Iran's conflict with the United States and Israel has effectively blocked the Strait of Hormuz, impacting about one-fifth of the world's energy supply. On March 11, member countries of the International Energy Agency (IEA) agreed to release part of the strategic reserves to ease the situation. The agency's Executive Director Birol indicated that more reserves could be released if necessary.