Global energy security upgraded: G7 signals "oil reserve release" to curb energy inflation

Golden Ten Data reported on March 11 that the Group of Seven (G7) stated its support for the use of strategic reserves to address oil supply shortages and market volatility caused by the outbreak of the Iran war. On Tuesday, G7 energy ministers held a video conference with the International Energy Agency (IEA) to discuss in depth the impact of the Iran war on energy markets and supply systems. G7 energy ministers said that through close cooperation with the IEA, they are closely monitoring the trends in energy markets and are coordinating within the G7, as well as with international partners, IEA member countries, and other relevant parties. The G7 ministers added that, in principle, they support "implementing proactive measures to respond to the current situation, including the use of strategic reserves."