Finance ministers of the Group of Seven (G7) countries will hold an emergency meeting to discuss tensions in global energy markets, sources within the G7 say, APA-Economics reports, citing the Financial Times.
According to the report, the meeting will take place at 16:30 Baku time. Executive Director of the International Energy Agency (IEA) Fatih Birol will also participate in the meeting.
The main agenda of the meeting will focus on reducing the impact of the war with Iran on energy markets and ensuring the security of global energy supply. As part of the discussions, the issue of releasing strategic oil reserves to the market under the coordination of the IEA will be considered.
According to the report, three G7 countries, including the United States, have already expressed support for the initiative to release reserves to the market.
Analysts believe that this step aims to prevent stagflation risks in the global economy and reduce growing inflationary pressure amid rising energy prices.
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