Officials say G7 finance ministers agree to temporarily hold off on releasing strategic oil reserves

Odaily Planet Daily reports that a G7 official stated that G7 finance ministers reached a broad consensus on Monday not to immediately release strategic oil reserves. They decided to hold off on this action for now. The G7 finance ministers held a phone call earlier Monday to discuss how to respond to the surge in oil prices triggered by the US and Israel’s actions against Iran. In their statement, they said they are prepared to take “necessary measures” to support global energy supplies, including releasing reserves, but no decision has been made yet. An official familiar with the discussions said, “There is broad consensus on this. It’s not about opposition, but about timing. More analysis is still needed.” The official added that G7 energy ministers will hold a phone call on the same issue on Tuesday, and G7 leaders will also discuss it later this week. “In my view, the final decision will be made by the leaders of each country,” the official stated. (Jin10)