Spain backs IEA oil release to curb soaring prices

Spain’s Energy Minister Sara Aagesen said her country supports the International Energy Agency’s (IEA) proposed release of oil reserves, described as the largest in the agency’s history, to address surging crude prices caused by the US-Israel conflict with Iran.

“In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,” energy ministers of the Group of Seven said in a statement on March 11, Caliber.Az reports via foreign media.

The statement follows crisis talks held on March 10 by IEA member states in Paris to assess supply security and the potential release of emergency oil stocks as the war in the Middle East disrupted global markets.

G7 energy ministers emphasised their readiness to coordinate actions within the group, with IEA members, and beyond, to mitigate the economic consequences of the conflict.

By Sabina Mammadli