In this article
Energy ministers from the Group of Seven nations will hold a virtual meeting Tuesday morning to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war, sources told CNBC.
G7 finance ministers met Monday to discuss a release of reserves but did not make a decision. The G7 members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The talks between the G7 have been “positive,” the sources said. Any coordinated action on releasing reserves would occur after the energy ministers’ meeting, they said.
The U.S. believes a joint release of 300 million to 400 million barrels, representing 25% to 30% of the 1.2 billion barrels in the reserve, would be appropriate, sources told CNBC.
