Japan’s Katayama: G7 energy ministers are expected to discuss the process of oil reserve release

Japan’s Finance Minister Satsuki Katayama said that energy ministers from the Group of Seven (G7) nations will hold a virtual meeting on Tuesday to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war, CNBC reported on Tuesday.

Key quotes

No doubt that drop in oil futures was result of G7 unity, although not sure if they have fallen enough.

G7 energy ministers are expected to meet tonight to discuss the process of oil reserve release.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is up 2.53% on the day at $84.85, retreating from over three-year highs of $113.28 in the previous session.