French economy minister Roland Lescure says G7 countries need to reserve stockpiles for other potential oil market shocks.
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Earlier Monday, French President Emmanuel Macron said the G7 would this week discuss a possible release of strategic oil reserves.
Oil prices surged above $100 per barrel as the critical Strait of Hormuz remains closed due to threats from Iran.
International Energy Agency reportedly proposed largest release of oil reserves in its history to bring down crude prices
Ministers of the group of industrial powers said they are prepared to take 'all necessary measures' to stabilize the global…
A near 14% jump in oil prices due to the Iran war triggered an emergency meeting of the G7 with plans to release strategic…
The group of nations welcomes the idea of releasing oil in response to the surge in prices since the US-Israel war with Iran began
