G7 takes decisive and coordinated measures to stabilize energy supply in markets

Paris, Feb 10 (KUNA) -- The Group of Seven (G7) countries took decisive and coordinated measures today, Friday, to stabilize energy supplies in global markets in order to confront rising prices and protect their societies. The French Presidency stated in a press release that this came during a virtual meeting of G7 leaders to discuss the growing challenges facing energy security. The release added that “in light of unprecedented volatility in oil markets and rising prices that threaten economic stability and the well-being of our citizens, we have agreed to take decisive and coordinated measures to stabilize immediate energy supplies, protect households and businesses from price shocks, and enhance the long-term resilience of global energy systems.” The statement noted that the group “will coordinate maintenance schedules at refineries in their countries to prevent simultaneous shutdowns of production capacity and work to temporarily increase operating rates where possible. We also encourage dialogue with countries possessing significant refining capacity to boost global production of refined products, particularly diesel, in light of ongoing pressures in this sector.” The release further stated that “the G7 calls on the International Energy Agency (IEA) to monitor the immediate and full implementation of the commitments established for March 2026,” clarifying that “in light of commitments already fulfilled, we will implement our obligations through a coordinated release via the IEA of a total of 100 million barrels, to be implemented immediately over a four-month period, including the early release of significant diesel quantities (within the first 20 days) by group members and their partners.” The group said in its statement: “We will meet within the framework of the IEA in the coming days to discuss the possibility of releasing additional diesel quantities if needed. We reaffirm our commitment to refrain from imposing export restrictions on energy and its products among member countries, and we call on all producers to refrain from imposing bans that could exacerbate market tensions.” It demanded “the immediate and full restoration of navigation rights and principles in the Strait of Hormuz, and expressed our determination to double our collective efforts to achieve this goal. We also commend the efforts of the United States to ensure the free flow of trade through the strait.” The statement continued: “We will continue to impose sanctions on Russia while simultaneously working with the IEA and our global partners to prevent further spillover effects to fuel, gas, and other commodity markets,” emphasizing that “concerns of our citizens regarding energy prices will remain our top priority. We will closely monitor developments and stand ready to adjust measures as needed.” (End) M.B./R.J.