G7 to Take 'Necessary Measures' to Support Energy Supplies

Russia Ready to Supply Energy to Europe If It Asks, Putin Says

Russia would supply oil and gas to European buyers, provided such co-operation was "long-term" and did not put political pressure on Moscow, President Vladimir Putin said Monday.

UK warns of higher inflation and backs oil reserve release amid Middle East war

British finance minister Rachel Reeves said on Monday that the United Kingdom was ready to support a coordinated release of international oil reserves if the Middle East crisis keeps pushing up energy prices, though no formal G7 decision has yet been taken. Reeves made the statement after joining a virtual meeting of G7 finance ministers, as oil prices remained elevated because of disruption to shipping through the Strait of Hormuz. Reuters repor

G7 REFRAINS FROM USING STRATEGIC RESERVES TO LOWER OIL PRICES

Emirates 24/7 — G7 nations have declined to deploy strategic petroleum reserves to cool surging global oil prices. The group opted to maintain current stockpiles despite significant market pressures and rising energy costs.This stance emerges amid heightened geopolitical tensions and energy market volatility. Member states preferred preserving strategic reserves at this stage rather than intervening directly to mitigate the ongoing price rally.T…

Iran war: How long before Gulf nations stop pumping oil?

The oil price spiked near $120 after strikes on Iran's energy sites and the shutdown of the Strait of Hormuz. With tankers stuck and Gulf oil facilities hit, producers are running short on storage to maintain production.

Panic buying blamed for reduced fuel availability in regions

Regional WA towns have been forced to reduce fuel availability as distributors try to curb panic buying.

G7 to take 'necessary measures' to support energy supplies

Finance ministers and the IEA discussed options for stabilising oil prices which surpassed $100.