LNG

The Group of Seven (G-7) is today discussing a joint release of oil from emergency reserves, coordinated by the International Energy Agency (IEA). The move comes as oil prices skyrocketed more than 25 percent today (March 9) amid fears of a prolonged halt in shipping through the Strait of Homuz, which could cause severe oil and LNG shortages and disrupt supply chains in Europe and Asia.

Energy ministers of the Group of Seven industrial nations met in the Japanese city of Sapporo on April 15-16 under the revolving chairmanship with Japan as host and issued a hodge-podge statement of aims including one pledging to back new natural gas projects but reduce fossil fuel needs over time.