The G7 countries are preparing one of the largest releases of strategic oil reserves in history, as governments rush to rein in a surge in energy prices triggered by the US-Israel war with Iran.
After an emergency meeting on Monday, which came as oil prices soared above $100 a barrel before falling back, G7 finance ministers said they “stand ready” to tap stocks of crude oil, petrol and diesel to protect the world economy.
The move, which would be co-ordinated with the International Energy Agency, could be approved as soon as Tuesday, according to people familiar with the discussions, though no final decision has been made.
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