In a statement following a Paris meeting of G7 energy ministers on the economic fallout of the Middle East war, IEA executive director Fatih Birol said he was "in close contact" about the situation with energy ministers from key energy producers and consumers around the world. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. He said the G7 meeting addressed "all the available options, including making IEA emergency oil stocks available to the market." On Monday, a meeting of G7 finance ministers also discussed a possible release of strategic oil reserves, but French Finance Minister Roland Lescure said later the situation was "not there yet". French President Emmanuel Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, said on Monday the G7 would this week discuss a possible release of strategic oil reserves.

Source: Bangladesh Sangbad Sangstha March 10, 2026 16:11 UTC