Plans to release hundreds of millions of barrels of crude from emergency stockpiles are unlikely to calm volatile crude prices for long if the conflict in the Gulf continues, oil market watchers have warned.
Finance ministers from the G7 said on Monday they were ready to “take necessary measures” and that talks would continue on releasing oil from stockpiles, as they work to respond to a crisis that has cut the flow of oil and refined products through the Strait of Hormuz, at the mouth of the Gulf, by as much as 20mn barrels a day.
Will releasing stockpiles bring down the oil price?
Oil prices reacted on Monday to an FT report that the G7 was discussing a strategic release, with benchmark Brent crude falling from a high of $119 a barrel to below $90.
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