Paris: French Trade Minister Serge Papin announced today that finance ministers, central bank governors, and energy ministers from the Group of Seven (G7) are set to discuss the release of strategic oil reserves during a meeting scheduled for next week.

According to Qatar News Agency, Papin highlighted that the upcoming discussions will focus on the potential release of strategic reserves. This move comes in response to the ongoing volatility in oil prices, which has been exacerbated by the military escalation in the Middle East.

On March 11, members of the International Energy Agency reached an agreement to utilize oil stockpiles as a means to alleviate the impact of rising prices. The decision underscores the global effort to stabilize the energy market amid geopolitical tensions.