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The European Union's energy commissioner has warned that the bloc must prepare for a long-term energy shock. This comes amid rising tensions in the global energy market, with assessments underway for all available options, including fuel rationing and releasing more oil from strategic reserves.
The Group of Seven (G7) plans to hold a virtual meeting on Monday to discuss strategies for combating the sharp rise in oil prices amid escalating tensions between the United States and Iran. The meeting will bring together finance and energy ministers, along with central bank governors, to consider the release of strategic oil reserves.
India's Minister of State for Oil and Gas, Suresh Gopi, revealed that the country's strategic oil reserves are sufficient for only <strong>74 days</strong>. This announcement raises concerns about India's energy security amidst global market fluctuations.
Japanese Prime Minister Sanae Takachi announced that the country will begin utilizing its shared oil reserves by the end of March. This decision aims to counteract supply shortages caused by escalating crises in the Middle East.