"We are not there yet. What we've agreed upon is to use any necessary tools, if needed, to stabilise the market, including the potential release of stockpiles."
"In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market."
G7 finance ministers from the UK, US, Canada, France, Germany, Italy, and Japan have decided against releasing emergency oil reserves at present, despite an International Energy Agency recommendation for coordinated action. French Finance Minister Roland Lescure stated they agreed to deploy necessary tools if needed, including potential stockpile releases, but currently see no supply issues in Europe or the US. Oil prices have surged above $119 per barrel, their highest since mid-2022, driven by production cuts from major producers and shipping disruptions related to geopolitical tensions. The IEA highlighted risks from transit challenges through the Strait of Hormuz combined with substantial production curtailments.
Read at London Business News | Londonlovesbusiness.com
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