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On the 9th, finance ministers of G7 member countries held a video conference with the International Energy Agency to discuss the joint release of strategic oil reserves, if necessary, in order to alleviate the surge in crude oil prices caused by the conflict in the Middle East.
French Minister of Economy and Finance, Bruno Le Maire, stated that the participants believe there will currently be no supply shortage and that it is not yet time to take action.
He pointed out that if necessary, any necessary tools would be used to stabilize the market, including the possible use of oil reserves.
In any case, according to French media reports, G7 member country leaders may make a final decision later this week on whether to use strategic oil reserves.
Due to the continued impact of the military conflict between the United States and Israel and Iran, international crude oil futures prices broke through $100 per barrel when trading for the new week began on the evening of the 8th. Although international oil prices retreated somewhat on the 9th, they remained at a high level.