G7 is to discuss a joint release of emergency oil reserves in an emergency meeting on Monday, according to FT; call at 08:30 EDT (12:30 GMT)
Importance
Level 1
- Three G7 countries, including the US, have so far expressed support for the idea, according to the people familiar with the talks.
- A source suggested a joint release in the range of 300-400mln barrels, 25-30% of the IEA's reserves, would be appropriate.
- On Tuesday, the IEA will hold an emergency meeting to mull options on the emerging oil supply crisis.
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