Governments scrambled to limit the impact on economies and consumers from the widening Iran war, which fuelled a record surge in oil prices on Monday after key producers cut output and Tehran
Governments scrambled to limit the impact on economies and consumers from the widening Iran war, which fuelled a record surge in oil prices on Monday after key producers cut output and Tehran signalled that hardliners would remain in charge.
In a sign of mounting governmental concern over supply disruptions, the Group of Seven finance ministers will discuss the possibility of a joint release of emergency oil reserves in a meeting on Monday, a French government source said.
In South Korea, which buys 70% of its oil from the Middle East, President Lee Jae Myung said Seoul would cap fuel prices for the first time in nearly 30 years and he warned against panic buying.
Speaking at an emergency meeting, Lee called the crisis "a significant burden on our economy, which is highly dependent on global trade and energy imports from the Middle East."
A senior Japanese member of Parliament on Sunday said the government had instructed a national oil reserve storage site to prepare for a possible crude release, although the country's chief cabinet secretary later saidno decision had been made to release stockpiles.
Japan imports around 95% of its oil from the Middle East. It has reserves to cover
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