Statement by IEA Executive Director Fatih Birol on his participation in a meeting of G7 Finance Ministers

Today, on the invitation of Minister Roland Lescure of France, which holds the G7 Presidency, I took part in a meeting of G7 Finance Ministers on the global economic situation and Middle East conflict.

I provided an update on the IEA’s view of conditions in global oil markets, which have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market. We discussed all the available options, including making IEA emergency oil stocks available to the market. IEA Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.

I am also in close contact about the situation with energy ministers from countries around the world, including recent calls with Saudi Arabia, Brazil, India, Azerbaijan and Singapore.