Strategic oil stockpiles in focus as Middle East conflict jolts markets

Several countries are preparing to release portions of their strategic oil reserves in a coordinated effort to address rising energy prices linked to the conflict in the Middle East.

Roland Lescure, France’s finance minister, said that plans by certain nations to tap their reserves “are undoubtedly part of a highly coordinated strategy,” Al Jazeera reports.

Japan has already announced that it will draw on its strategic oil reserves to help counter surging energy prices triggered by the regional conflict. Meanwhile, a government source in Germany stated that Berlin is preparing to take similar measures.

The coordinated release of reserves is aimed at stabilizing global energy markets and easing pressure on fuel prices as geopolitical tensions continue to disrupt oil supply routes.

Meanwhile, US Interior Secretary Doug Burgum said that the International Energy Agency should release oil stockpiles to address the massive supply disruption triggered by the Iran war.

Earlier, energy ministers of the Group of Seven stated that they “stand ready” to implement “all necessary measures,” in close coordination with the International Energy Agency, to mitigate the surge in global crude oil prices triggered by the escalating conflict in the Middle East.

By Vafa Guliyeva