At the meeting held on March 9 under the chairmanship of France, ministers from the seven leading economies of the world (USA, UK, Germany, France, Italy, Canada, and Japan) discussed measures to stabilize the energy resource market.
French Finance Minister Roland Lescure noted that while discussions on releasing reserves have already begun, a final decision has not been reached: "We have not come to that yet," he added, emphasizing the readiness to use all available means if necessary.
IEA Confirms Oil Market Crisis
Fatih Birol, head of the International Energy Agency (IEA), also participated in the conference and reported on the deteriorating situation in global oil markets. Lescure emphasized that ministers will closely monitor developments in the coming days.Countries within the IEA have strategic reserves of over 1.2 billion barrels of oil, in addition to 600 million barrels of industrial stocks. These reserves can be used in crisis situations to stabilize the market, although such measures are implemented quite rarely.
The European Commission also reported sufficient oil and gas reserves among EU countries, despite potential supply disruptions. "We have fewer problems with supply security than with high energy prices," the press service stated.
Oil Prices Exceed $100 Again, Iran Threatens Higher Prices
Oil prices have risen above $100 per barrel again due to the conflict between the USA, Israel, and Iran, as well as the effective closure of the Strait of Hormuz. On the London exchange on March 9, Brent crude oil futures briefly surged by 26%, reaching $116.6 per barrel, according to Reuters.On March 7, Israel attacked Iranian oil facilities for the first time, striking five energy sites in Tehran and its surroundings. In response, the Iranian Revolutionary Guard Corps threatened to attack oil infrastructures in the Persian Gulf countries, stating: "If you are willing to endure oil prices above $200 per barrel, continue your actions," reported The Guardian.
On February 28, Israel and the United States conducted strikes against Iran, after which Donald Trump announced plans to destroy the nuclear program of the Islamic Republic.
In response, Iran began striking positions of the USA and its allies in the region, including Bahrain, Qatar, Kuwait, Abu Dhabi, and Dubai (UAE), as well as Riyadh (Saudi Arabia).
As a result of the US-Israeli operation, Iran's Supreme Leader Ayatollah Ali Khamenei was killed, and his wife Mansure Khodjasteh died from injuries sustained during the attacks.
Trump also noted that the military operation in Iran would last about four weeks. A jihad has been declared against the USA and Israel in Iran, emphasizing that there will be no negotiations.
The conflict in the Middle East has global consequences, including an impact on Kyrgyzstan, where thousands of tourists are stranded due to the situation in the UAE. Contact information for embassies and consulates for citizens of Kyrgyzstan abroad can be found here.
