Paris, Mar 9 (EFE).- The G7 countries are considering using their emergency oil reserves in response to market tensions that have driven up prices due to the war launched by the United States and Israel against Iran.
Sources within the French government, which holds the G7 presidency this year, confirmed on Monday that this possibility was being studied, just hours before a videoconference meeting of the finance ministers of the seven richest countries to address the economic consequences of the trade war.
Members of the International Energy Agency (IEA), including the G7 countries, are required to maintain strategic oil reserves equivalent to 90 days of average domestic consumption to cope with exceptional circumstances, particularly supply disruptions.
The IEA said on Monday that it was closely monitoring the situation in the Middle East, including the potential repercussions of any disruption to energy flows through the Strait of Hormuz, which Iran has effectively closed to maritime traffic since the beginning of the war.
The organization noted that approximately 25 percent of the world’s oil consumption and 20 percent of liquefied natural gas exports pass through the Strait of Hormuz.
Oil prices surged again on Monday morning, well above $110 per barrel for Brent crude, the European benchmark, representing a 20 percent increase on top of last week’s 30 percent rise. EFE
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