(Photo: AFP)PARIS - The Group of Seven advanced economies inched closer on Wednesday to tapping strategic oil reserves to tackle the rise in crude oil prices due to the Middle East war as energy ministers said they stood ready to take “all necessary measures”. G7 finance ministers met on Monday and G7 energy ministers on Tuesday to hold talks. “It would therefore be a temporary fix,” she said, adding the announcement helped keep oil prices in check on Wednesday. The 32 members of the IEA hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates. In order to ensure energy security, the IEA imposes on its members an obligation to hold emergency oil stocks equivalent to at least 90 days of net oil imports.

Source: Bangkok Post March 11, 2026 15:12 UTC