G7 Finance Ministers Meeting: G7 Finance Ministers meeting amid rising crude prices after Gulf conflict, discussion on emergency oil reserves
Read :- The picture from Iran created a stir from Washington to Jerusalem, after Mojtaba Khamenei was declared the new Supreme Leader, Iranians said – We will not bow down.
A report in the Financial Times, citing people familiar with the matter, said the proposal would include a joint release of strategic reserves through the International Energy Agency. So far, three G7 members, including the US, have supported the idea, the report said. It is being told that other members are assessing the market conditions before taking coordinated steps.
Along with this, some American policymakers say that about 300 million to 400 million barrels of oil can be extracted from the Emergency Crude Reserve on the basis of consent. This will be about 25 to 30 percent of the approximately 1.2 billion barrels of oil kept in the Strategic Reserve of IEA member countries.
Let us tell you that due to the ongoing war in the Middle East, there has been a tremendous rise in the prices of crude oil. During Asian trading on Monday, a 24 percent jump was recorded in the prices of international benchmark Brent crude. After this it reached $116.71 per barrel. Whereas the price of WTI crude recorded an increase of 28 percent and reached $ 116.45 per barrel.
Let us tell you that due to the huge rise in crude prices, fluctuations in the global financial market have also increased. A huge fall was recorded in many Asian stock markets on Monday.
Read :- ‘If Iran attacks, we will attack with such force that has never been seen before…’ Trump warned
US President Donald Trump’s big statement came amid rising crude prices. Trump made a post on his Truth Social. In which he wrote, “Short-term oil prices will fall sharply after Iran’s nuclear threat ends. This is a small price to pay for the security and peace of America and the world.”
Comments are closed.