G7 finance ministers will discuss on Monday at an emergency meeting the possibility of releasing oil from reserves coordinated by the International Energy Agency, amid a sharp rise in oil prices, the Financial Times reports.
According to newspaper sources, the ministers and IEA Executive Director Fatih Birol will hold a telephone conversation at 8:30 AM New York time to discuss the consequences of the war with Iran.
Three G7 countries, including the United States of America, currently support this idea, sources said.
One of the sources explained that some American officials believe that a joint release of 300-400 million barrels — which is 25-30% of the 1.2 billion barrels in reserves — would be an appropriate solution.
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