"The leaders of Britain, France, Germany, Italy, the Netherlands and Japan issued a joint statement on Thursday expressing their readiness to contribute to appropriate efforts to ensure safe passage through the [Hormuz] Strait. They did not specify what those efforts may entail but urged for an immediate comprehensive moratorium on attacks on civilian infrastructure, including oil and gas installations."
"The International Energy Agency (IEA) last week authorised a coordinated release of its members' strategic petroleum reserves, the largest in its history, in an attempt to counter rising global energy prices. We will take other steps to stabilise energy markets, including working with certain producing nations to increase output, the statement said."
"Markets have been hammered since the start of the war on February 28, with Tehran hitting sites across the Gulf and effectively closing the Strait of Hormuz, through which a fifth of global oil and gas flows."
Britain, France, Germany, Italy, the Netherlands, and Japan issued a joint statement committing to stabilize energy markets following strikes on Gulf energy facilities that elevated oil and gas prices. The statement called for a comprehensive moratorium on attacks on civilian infrastructure and expressed readiness to ensure safe passage through the Strait of Hormuz. The International Energy Agency authorized the largest coordinated release of strategic petroleum reserves in its history. Leaders pledged to work with producing nations to increase output. European nations declined U.S. President Trump's request to deploy warships for Gulf security, though Japan faces particular pressure given its dependence on Gulf oil supplies.
#energy-crisis #oil-and-gas-markets #strategic-petroleum-reserves #strait-of-hormuz #international-coordination
Read at www.aljazeera.com
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