<2> G7 ‘Stands Ready’ to Release Emergency Oil Reserves
<3> Finance Ministers Pledge ‘Necessary Measures’ to Tackle Surging Crude Prices
The Group of Seven (G7) finance ministers have pledged to take ‘necessary measures’ to tackle the surging crude prices, with a deal expected as soon as Tuesday. The move comes as the global economy grapples with the impact of the Russia-Ukraine conflict and a decline in global oil production.
<3> Global Oil Prices Soar Amid Supply Chain Disruptions
Global oil prices have soared in recent weeks, with Brent crude oil prices reaching a high of over $120 per barrel. The surge in prices has been attributed to a combination of factors, including supply chain disruptions, a decline in global oil production, and a rise in demand for oil.
<3> G7 Finance Ministers Meet to Discuss Oil Prices
The G7 finance ministers met in Germany to discuss the surging crude prices and the impact on the global economy. The meeting was attended by finance ministers from the United States, Canada, the United Kingdom, Germany, France, Italy, and Japan.
<3> Release of Emergency Oil Reserves
The G7 finance ministers have pledged to release emergency oil reserves