G7 Ministers Tackle Energy Crisis Amid Soaring Prices
G7 and EU leaders convene to address surging energy prices due to the war in Iran. With oil prices at their highest since 2022, the G7 is prepared for intervention, though no emergency reserves release is planned. Discussions include potential EU measures to mitigate the crisis's impact.
Ministers from the G7 group are set to discuss the recent surge in energy prices, heightened by the ongoing conflict in Iran, during a call scheduled for Tuesday. Later in the day, European Union leaders are expected to hold similar discussions, according to officials.
Oil prices have hit their highest level since mid-2022. This rise is driven by fears surrounding potential output cuts from the Gulf and disruptions to tanker traffic. Although G7 finance ministers indicated readiness to implement necessary actions to counter the price surge, they refrained from coordinating an emergency release of reserves.
Before the Iran crisis, European energy costs had already been higher compared to the U.S. and China. The EU imports over 90% of its oil and approximately 80% of its gas, leaving it vulnerable to global price shifts. EU leaders are considering adjusting energy taxes and carbon pricing as part of the measures to address these challenges.
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