8legs: Group of seven energy ministers virtual meeting

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G7 energy ministers to meet Tuesday morning to discuss release of oil reserves, sources say

G7 energy ministers will hold a virtual meeting Tuesday to discuss a potential release of oil reserves.
The U.S. favors a joint release of 300 to 400 million barrels to address supply concerns.
The proposed release would amount to about 25% to 30% of the U.S. strategic reserve capacity.
Prices fluctuated around $95 to $100 per barrel amid the Hormuz Strait disruption.
The Strait of Hormuz closure is cited as a key factor driving supply concerns.
Saudi Arabia and the United Arab Emirates are described as cut off from the global oil market in this context.
The U.S. Strategic Petroleum Reserve currently holds about 415 million barrels.
International Energy Agency member states may face pressure to release stocks.
The report notes that finance ministers had discussed stock releases prior to the energy minister meeting.
The meeting aims to address a supply disruption triggered by the Iran war.

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