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Not Considered Bullish for Oil
Official Says G7 Finance Ministers Reach Consensus to Hold Off on Releasing Strategic Oil Reserves
March 9th — According to Reuters, a G7 official stated that G7 finance ministers reached a broad consensus on Monday regarding whether to immediately release strategic oil reserves, deciding to hold off on taking that action for now.
G7 finance ministers held a phone call earlier Monday to discuss how to respond to the surge in oil prices triggered by the U.S. and Israel's actions against Iran.
In a 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 said.