Paris, March 10 (QNA) – Executive Director of the International Energy Agency (IEA) Fatih Birol has said that the G7 finance ministers’ meeting addressed the possibility of using strategic oil reserves, if necessary, to curb the sharp rise in oil prices caused by the Middle East conflict.

Birol explained in a statement that the meeting, held Tuesday, considered all options open, including releasing the IEA’s emergency stockpiles to the market to address the repercussions of the situation in the Middle East. He added, “The situation in the oil markets has deteriorated in recent days.

In addition to the challenges involved in transiting the Strait of Hormuz, oil production has been significantly reduced. This exposes the market to significant and increasing risks.”

The United States and the Israeli entity launched strikes on Iran on February 28, causing disruption to the movement of ships in the Strait of Hormuz, which is a vital passage for global trade, through which a quarter of oil supplies and a fifth of liquefied natural gas supplies pass. (QNA)