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G7/ IEA Said to Discuss Oil Reserve Release; US Plans to Support Idea
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G7 finance ministers and Fatih Birol, the executive director of the International Energy Agency (IEA), will hold an emergency conference call at 8:30 am New York time on Monday (9th) to discuss the impact of the Iran war and assess the possibility of releasing oil reserves coordinated by the IEA, the Financial Times quoted sources as saying. It is reported that three G7 countries, including the US, have expressed support for the idea. As the Strait of Hormuz remains closed and Middle Eastern countries begin oil production cuts, international oil prices surged today (10th). May Brent and April New York oil futures last snowballed about 20%. AASTOCKS Financial News Website: www.aastocks.com |
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