International Energy Agency reportedly proposed largest release of oil reserves in its history to bring down crude prices
News just in: the G7 group of nations said today that they supported, in principle, the implementation of proactive measures to address oil supply issues and market volatility, including the use of strategic oil reserves.
Energy ministers from the group held a virtual meeting with the International Energy Agency on Tuesday to discuss the impact of the Iran war on energy markets and supply.
G-7 energy ministers said in a statement emailed to Bloomberg:
Working alongside the IEA, we are vigilantly monitoring energy market trends and are coordinating within the G-7 and with our international partners, IEA member countries, and beyond.
