"We haven't come to that step yet," he answered the press after the Minister of Finance of G7 meetings. Even so, he stated that the parties had agreed to use all the tools needed to stabilize the market, including the possibility of releasing the reserves.
At the meeting, Director of International Energy (IEA) Fatih Birol went on to appeal to countries to empty oil reserves together. In addition to the challenge of shipping through the Hormuz Channel, oil production in the area was also significantly cut. However, he claimed "keeps in close contact with the Minister of Energy of Nations, from Saudi Arabia, Brazil, India, Azerbaijan to Singapore".
Earlier, Reuters and Financial Times reported Birol expected to hold a call with the Minister of Finance of G7 to discuss the impact of current conflict and seek to reduce oil prices. To date, three countries, including the United States, have supported the idea of draining oil. When President Trump replied on Air Force One day 7/3, President Trump said that the U.S. did not need the country's strategic reserves.
On March 9, Reuters quoted from the French government that the Minister of Finance of G7 will discuss the possibility of releasing emergency oil reserves during the same meeting on the same day. Previously, Financial Times gave the same news, stating that this was regulated by the International Energy Agency (IEA).
Ministers and Directors IEA Fatih Birol expected to hold today's radio call to discuss the impact of current conflict and seek to reduce oil prices. To date, three countries, including the United States, have supported the idea of draining oil. Earlier in response on Air Force One day 7/3, President Trump said that the US had not yet been required to empty the country's strategic reserves.
32 members of IEA all have strategic oil reserves, in case the price of oil goes up. Some American officials believe the total release of 300-400 million barrels of oil is reasonable. The figure is 25-30% of the total reserves of about 1.2 billion barrels of these countries.
Get out! [ Oil tanks at an Idimitsu Kosan plant in Ichihara, Japan November/2021. Image: Reuters](data:image/gif;base64,R0lGODlhAQABAAACH5BAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACACACATATATATAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAATATATAEEEAAAAAEAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
- Oil tanks at a Idmitsu Kosan plant in Ichihara, Japan November 2021. Image: Reuters*
This movement is given in the context of world oil prices rising skyrocketing over a week. In the opening trading session this week, the price of Brent and WTI oil had a time [permanently 30%] (htpts ://nvreexpress.net/gia-dau-the-gioi-100-usd (5048077.htm), up to 120 dollars - highest since mid-2022. The cause is that a number of major oil production countries reduce supply and investors are concerned to interrupt the long-term transport during the Middle East conflict spread.
After the above information, the price was somewhat low. There are only 106 dollars left in each barrel of Brent and WTI on $11. Another factor that pulled the discount price was the Saudi Aramco oil giant (Arab Saudi) who immediately delivered crude oil through a rare bid series.
"If, however, the flow of crude oil through the Hormuz Channel soon recovers and strains in the hypothermic area, the pressure on the oil prices remains large", Vasu Menon - Investment director at OCBC (Singapore) remarked.
To date, Iraq and Kuwait have reduced oil production due to the reserves. Qatar also limited naturalized gas production of liquidation (LNG) due to the inability to transport out of the Middle East, the UAE and Arab Saudi forecasts will soon be reduced to production if the site is over.
Conflicts in the Middle East caused energy flow across the Hormuz Channel - the circuitry of the global oil market - more than a week ago. Arab Saudi - world's leading oil export – is increasing transport through the Red Sea. However, the mass has not yet been able to compensate from the fact that goods cannot pass through Hormuz.
Gas retail prices in many countries are increased due to Middle Eastern conflict. For example, the price of gasoline in the U.S. increased 0.88-1 per liter, equivalent to an increase of 11%, the oil increased by 15%. In Laos, the price of gasoline was an additional 11-15%, 33% oil. Thailand also noted a 4-8% increase in gas prices, 14% oil...
Local Thu * (in Reuters, FTRA)
[! [ World oil prices exceed 100 US$](data:image/gif;base64,R0lGODlAQABAAABAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACETATAAEAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEEEEEEEEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEEEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
#[The world's oil passes 100 US][htt] (2005) (5048077.html)
[ Brent's crude oil is 9/3 at a time when the conflict at the Middle East escalated, causing investors to be more concerned about the supply tightening.] (httts ://nvexpress.net/gia-dau-the-gioi-vuot-100-usd-5048077.htm) [19](httttts/vnexpress.net/gia-dau-the-gioi-vuot-100-usd-5048077.htm#box comment vne)
[! [ The way the countries deal with energy shocks from the Middle East](data:image/gif;base64,R0lGODlhAQAAAACH5BAAAAAAAAAAAAAAAAAAAAAAAAAAAAACAAAAAAAAAAAAAAAAAAATATATATATATAAAAEAAAAAAAAEAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEEEEEEEEEEEEEEEAAAAEAAAAAAEEAEAAEAEAAAAAEEEAEAAAEEAAAEAEAAAAAAAAAEAEAEAEAAEAEAEAEAEAAAAAAEAAA EAEAEAEAEAAEA
[The way countries deal with energy shocks from the Middle East][citation needed][citation needed][citation needed]
[China, Japan, Thailand Limits fuel exports, India rises to buy Russian oil, and Myanmar restricts traffic when the energy market interrupts.][httptpts ://nvexpress.net/cach-cac-doi-pho-soc-soc-nang-luong-tun-song-dong (5047363.html)
[! [The Russians benefit from conflict in the Middle East](data:image/gif;base64,R0lGODlhAQAAAAACH5BAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACAACAEAAAAAAAATATATATAEAEAEAEAEAEAEAAAAAAAAAAEAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEEEEEEEEEEEEAEAEAAAAAAAAAEAAEAEAEEAAAAAAEEEAAEAAAAAAAEAEAEEAEAEAEAEAEAAAAAAAAAAEAAEAAAAEEAEAEAEAEEA
#[citation from the conflict in the Middle East] (httts ://vnexpress.net/dou-nga-huong-loi-the-nao-tu-song-dot-join-dong-dong (5046970).
[61](httttsnniexpress.net/dou-nga-huong-loi-the-nao-tu-tun-dot-dot-dong 5046970.html#box comment vne)