G7 leaders to discuss release of strategic oil reserves as crisis looms

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Finance Ministers from the G7 group of the world's leading economies are meeting on March 9 to discuss a potential release of stocks from Strategic Petroleum Reserves. The talks will be joined by the executive director of the International Energy Agency. The organisation was formed in the wake of the 1973 oil crisis to coordinate to use of member states' reserves, the better to offset supply shocks, like the one currently slamming commodities markets. This as the Strait of Hormuz - a crucial export artery for Middle Eastern oil - remains effectively shut down due to the war in Iran.