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A MEETING IS EXPECTED BETWEEN THE G7 AND THE GULF STATES TO DISCUSS THE SECURITY OF THE STRAIT OF HORMUZ

 A MEETING IS EXPECTED BETWEEN THE G7 AND THE GULF STATES TO DISCUSS THE SECURITY OF THE STRAIT OF HORMUZ

France, which holds the rotating presidency of the G7, announced that a meeting is expected next week between the G7 countries and the Gulf Cooperation Council countries to discuss developments in the Strait of Hormuz amid escalating regional tensions.

French Foreign Ministry spokesman Pascal Confavreau told a news conference on Thursday that the meeting would be dedicated to discussing the situation in the vital waterway, according to Reuters.

This move comes at a time when the G7 countries have affirmed their readiness to take “all necessary measures” to maintain the stability of energy markets and minimize the economic repercussions resulting from recent fluctuations.

Finance and energy ministers, along with central bank governors from the group’s member countries, held an online meeting, coordinated by France, to address the turmoil in global energy markets stemming from the war in Iran.

In a joint statement following the meeting, the group stressed its commitment to ensuring the security and stability of energy supplies, and to working closely with international partners to achieve this goal.

In a related development, the 32 member states of the International Energy Agency agreed earlier this month to release about 400 million barrels of strategic oil reserves in an attempt to contain the sharp rise in oil prices.

The G7 called on countries to avoid imposing “unjustified” export restrictions on oil, gas and their derivatives, stressing its support for all efforts aimed at ensuring the continued flow of supplies and the stability of global markets.