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G7 Ready to Take Measures Against Rising Oil Prices

Published March 11, 2026, 09:14
G7 Ready to Take Measures Against Rising Oil Prices

G7 energy ministers met in Paris amid concerns about oil price instability caused by the Middle East conflict. In a joint statement, they assured they are ready to take "all necessary measures" in cooperation with the International Energy Agency (IEA) to address the situation. Specifically, they supported the possible use of strategic oil reserves, with the IEA proposing an unprecedented release to curb rising prices. The discussion on strategic reserves is expected to continue at tomorrow's G7 leaders' summit, initiated by French President Emmanuel Macron, focusing on the Middle East war. France appears to be leading efforts to find ways to address the impact of the crisis on energy prices. The decision to release strategic oil reserves could help stabilize prices and avoid further economic impact from the Middle East crisis. However, the effectiveness of this measure depends on the cooperation and commitment of all G7 members. Continued instability in the Middle East and geopolitical tensions are creating uncertainty in energy markets. The G7 is seeking to ensure energy security and protect the global economy from the negative effects of the crisis.