. The finance ministers of major industrialized countries will discuss ways to counter the volatility in global energy markets due to escalating conflict and tensions in the Middle East.

According to a French government source, Monday’s meeting will seriously consider the possibility of using strategic oil reserves to stabilize the oil market.TAG_OPEN_span_8

France’s finance ministry said the meeting would review the current situation in the Gulf region and its potential impact on the global economy. As the war between the US, Israel and Iran escalates in recent days, there are growing fears that oil supplies from the Middle East could be disrupted. This is the reason why the price of crude oil is increasing rapidly in the world market and the stock markets of many countries are also volatile.

France currently holds the rotating presidency of the Group of Major Industrialized Nations, which also includes Canada, Germany, Italy, Japan, the United Kingdom and the United States. Given the potential risk of an energy crisis, the countries are also considering jointly bringing strategic oil reserves to the market through the International Energy Cooperation Mechanism.

U.S. President Donald Trump has said that the price of oil is a “small price” to pay to eliminate Iran’s nuclear threat. After the 1973 oil crisis, the International Energy Cooperation Mechanism was established to coordinate and respond to energy supply disruptions among member countries. In order to ensure energy security, member countries have at least 90 days’ worth of imported emergency oil stockpiles, which can be used to stabilize the market if needed.