G7 finance ministers, central bankers and energy ministers will discuss the release of strategic oil reserves at next week’s meeting, French Trade Minister Serge Papin said on Thursday.

Focus on Strategic Reserves

“The discussion will focus on the release of strategic reserves,” Papin said in an interview with French broadcaster CNews/Europe 1.

Hormuz Disruption Impacts Supply

Iran has effectively blocked transit through the Strait of Hormuz amid its war with the United States and Israel, affecting about a fifth of the world’s global energy supply.

IEA May Release More Stocks

Member countries of the International Energy Agency agreed on March 11 to release stocks from their strategic reserves to help stabilise the situation.

IEA chief Fatih Birol said additional releases could be made if necessary.

(with inputs from Reuters)