Oil stocks held back by G7 nations as Iran crisis raises prices

France's Finance Minister said that G7 countries haven't yet decided whether to release their emergency oil reserves, as prices are surging above $119 per barrel because of the Iran War. He added that there was no immediate shortage in supply.

Roland Lescure, a reporter in Brussels who attended the online G7 finance ministers' meeting, said: "We haven't arrived yet."

We have agreed to use all necessary tools to stabilize the market, including releasing any stockpiles that may be necessary.

On?Monday?, oil prices soared to $119 per barrel, a level not seen since the mid-2022 period, as major producers cut back on supplies due to fears of a prolonged disruption in shipping caused by the 'U.S. - Israel war against Iran.

Lescure stated that there are currently no supply issues?in Europe or in the United States.

The International Energy Agency in Paris coordinates the strategic oil stocks of Western economies. It was founded after the oil crisis of the 1970s and provides data and research to its members.

The biggest EIA release was in 2022

Satsuki Catayama, the Japanese Finance Minister, who is in charge of one of the largest oil reserves in the world, said that Fatih Birol of EIA was pushing for the release of these reserves.

IEA members are net oil importers and are required to stockpile 90 days' worth of imports.

In 2022, in response to market turmoil caused by the Russian invasion of Ukraine, the IEA coordinated its largest collective release ever. This involved just over 180,000,000 barrels of oil.

IEA member companies hold more than 1.2?billion?barrels of emergency oil for the public and 600 million barrels are held by industry under government?obligation.

French President Emmanuel Macron announced that energy ministers will discuss the situation 'on Tuesday, on the sidelines a nuclear summit held in Paris.

(source: Reuters)