(VOVWORLD) -The Finance Ministers of the Group of Seven (G7) industrialized nations will meet on Monday to discuss a plan to use their shared oil reserves, coordinated by the International Energy Agency (IEA), in response to soaring oil prices due to escalating Middle East conflicts.
To date, three G7 countries, including the United States, have expressed support for this idea.
The IEA, with 32 members, maintains strategic reserves as a collective system for responding to oil price crises.
Releasing 300-400 million barrels of oil, equivalent to 25-30% of the total 1.2 billion barrels in reserves, is considered appropriate in the current context.