G7 to Hold Emergency Meeting to Curb Oil Prices

The Group of Seven advanced industrial nations (G7) is scheduled to hold an online meeting on Monday local time to discuss measures to tackle the rise in crude oil prices amid the war between the United States–Israel and Iran.

The meeting will involve finance ministers, energy ministers, and central bank governors. One agenda item expected to be discussed at the virtual G7 meeting is additional coordinated releases from strategic oil reserves, which is currently under consideration by the International Energy Agency (IEA).

Following the conflict in the Middle East launched by US and Israeli airstrikes against Iran at the end of last month, Iranian forces have effectively blockaded the Strait of Hormuz, a vital sea route for global oil transportation, causing supply disruptions and a surge in crude oil prices.

Earlier this month, the IEA, a Paris-based agency comprising 32 countries including G7 members, began releasing their oil reserves, totalling more than 400 million barrels. This effort marks the first joint action since 2022, when Russia launched a full-scale invasion of Ukraine.

Of the total coordinated oil production by the IEA, 79.8 million barrels came from Japan, the second-largest contributor among IEA members after the United States, which contributed 172.2 million barrels, according to IEA data.