Members of Asia — hit hardest by their exposure to force in the Persian Gulf — and the United States also strongly support strikes on reserves, according to two European officials familiar with the matter.
French President Emmanuel has called a regular meeting of G7 leaders at 3pm, which is expected to deal with the decision to release.
The IEA – a key forum for rich countries to coordinate oil and gas supplies established after the 1973 oil embargo – first proposed the move late Tuesday during an extraordinary meeting of all members that followed the G7 summit, according to another person familiar with the matter.
Oil rose to more than $100 a barrel last week as Iran attacked energy infrastructure in the Persian Gulf in response to US and Israeli airstrikes across Iran. It retreated to around $90 a barrel on early reports that the IEA had suggested tapping reserves.
The United States is one of the biggest supporters of abandoning the barrels, as the rise in oil prices is of great concern to US President Donald Trump before this year’s mid-term elections. While the major G7 European countries have expressed their support for the move, it is not clear to what extent they will contribute. The group released a statement earlier Wednesday saying it supports it “in principle.”
Other IEA countries have publicly supported the move, including Austria.
