G7 finance ministers will discuss a possible joint release of petroleum from reserves co-ordinated by the International Energy Agency, in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the Gulf.
The ministers and Fatih Birol, IEA executive director, will hold a call at 8.30am New York time to discuss the impact of the Iran war, according to people familiar with the situation, including a senior G7 official.
Three G7 countries, including the US, have so far expressed support for the idea, according to the people familiar with the talks.
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