.jpg)
1 hour ago
3
Article content
(Bloomberg) — Group of Seven energy ministers will meet in Paris on Tuesday as they continue to debate a possible release of oil reserves to stabilize markets, according to French Finance Minister Roland Lescure.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The group, currently presided over by France, said on Monday it was ready to take any steps needed to support global energy supply after oil prices surged when the Iran war curtailed output and effectively closed the critical Strait of Hormuz.
Article content
Article content
Article content
The G-7 stopped short of calling for a release of stockpiles, however, and prices have since declined sharply with US President Donald Trump hinting at an early end to the conflict. Nonetheless, the crisis continues to impact Middle East supplies, forcing producers like Saudi Arabia, the United Arab Emirates and Iraq to deepen production cutbacks.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“We are gathering the G-7 energy ministers today here in Paris; we are going through the process but obviously all options are on the table,” including an emergency oil stock release, Lescure said on the sidelines of a nuclear energy conference. “We are ready.”
Article content
Oil prices soared to a four-year high of almost $120 a barrel in London on Monday as tankers refrained from transiting the Persian Gulf’s key choke-point, fanning concerns of a renewed surge in global inflation. Futures subsequently plunged after Trump said the war could end “very soon,” and benchmark Brent crude was trading near $91 a barrel on Tuesday.
Article content
The ministerial meeting will take place at 1:45 p.m. local time at the International Energy Agency in Paris, the French Finance Ministry said, though many participants will join remotely. Lescure speak at around 3 p.m. from the nuclear conference to debrief on the meeting.
Article content
Article content
READ: Can Tapping Oil Reserves Tame Iran War Price Shock?: Explainer
Article content
Japan’s trade minister, Ryosei Akazawa, said late Tuesday in Tokyo that the country would support a co-ordinated stockpile release. IEA Executive Director Fatih Birol said the closure of the Strait of Hormuz has curtailed a “substantial” amount of oil production, “creating significant and growing risks for the market.”
Article content
President Trump and administration officials however have expressed skepticism on the need to act. He and his energy secretary, Chris Wright, have characterized high energy prices as temporary.
Article content
Lescure said that, while there aren’t risks to supplies for the US or Europe, the G-7 nonetheless wants to moderate fuel costs.
Article content
“We want prices at the pump to drop,” he said. “We need to stabilize the market, and for this to happen the Strait of Hormuz should be reopened.”
Article content
The IEA oversees the deployment of OECD stockpiles, which — including the US Strategic Petroleum Reserve — stand at more than 1.2 billion barrels. If the G-7 nations approve a release, the agency would convene a meeting to coordinate the process, according to an official.
English (US)