The G7 group of nations has demanded the immediate and complete restoration of navigation rights and principles in the Strait of Hormuz. This call was made in a statement by G7 leaders on global energy security and market stability, issued after a virtual meeting convened by French President Emmanuel Macron. The meeting comes amid rising concerns over energy security and market stability.
The G7 leaders emphasized that energy security challenges are escalating due to unprecedented fluctuations in oil markets and rising prices, posing a threat to economic stability and citizens' welfare. They agreed to take decisive and coordinated actions to stabilize short-term energy supplies, protect against price shocks, and enhance the resilience of global energy systems in the long term.
To address these challenges, the G7 leaders plan to coordinate refinery maintenance schedules to avoid simultaneous downtime, temporarily increase refinery operations where possible, and engage with countries possessing significant refining capacities to boost global production of refined products, particularly diesel. These efforts aim to alleviate current market pressures.
The G7 requested the International Energy Agency (IEA) to monitor the implementation of agreed-upon commitments from March 2026. They also announced their intention to release 100 million barrels of oil over four months, starting immediately, in a coordinated effort through the IEA. This release will include a significant amount of diesel in the first 20 days.
The G7 leaders reaffirmed their commitment to refrain from imposing export restrictions on energy and its products among member countries. They urged all producers to avoid imposing bans that could exacerbate market tensions. The leaders also called on the IEA to monitor the impact of these actions on energy security and market stability.
The G7 condemned continued Iranian attacks on regional neighbors, disrupting international trade, energy security, and the global economy. They demanded the immediate restoration of navigation rights and principles in the Strait of Hormuz and pledged to redouble collective efforts to achieve this goal. The US was commended for its efforts to ensure free trade flow through the Strait of Hormuz.
The G7 leaders concluded by emphasizing that concerns about energy prices remain a top priority. They vowed to closely monitor developments and be prepared to adjust their actions as needed. The agreements reached were seen as a step towards a more secure, transparent, and resilient energy future.
Key points
- The G7 demands immediate restoration of navigation rights in the Strait of Hormuz.
- G7 countries plan to release 100 million barrels of oil over four months.
- The group condemns Iranian attacks disrupting international trade and energy security.
