G7 Manoeuvres Amidst Oil Price Surge: Reserves Debate Intensifies

G7 nations are deliberating whether to release emergency oil reserves as prices soar beyond $119 a barrel due to the Iran conflict. Despite the price hike, no immediate supply shortage is reported. The International Energy Agency, led by its director, is advocating for release preparedness.

As oil prices skyrocketed to over $119 a barrel, G7 nations are in discussions about potentially releasing emergency oil reserves. This unprecedented price surge, driven by fears surrounding the U.S.-Israeli war with Iran, has propelled the topic to the top of economic agendas.

Despite the alarming oil price hike, French Finance Minister Roland Lescure noted that there are currently no supply shortages in Europe or the United States. He affirmed the G7's commitment to use all necessary tools to stabilize markets, including releasing stockpiles if required.

Coordinated through the International Energy Agency, Western economies maintain significant strategic oil stockpiles. The agency previously released 180 million barrels during the 2022 turmoil post-Russia's Ukraine invasion. As discussions continue, energy ministers plan to deliberate further during a summit in Paris.

(With inputs from agencies.)