Paris (TDI): G7 energy ministers are set to hold a call on Tuesday to discuss the sharp rise in global energy prices triggered by the ongoing war in Iran, officials said. European Union leaders will follow with their own discussions later in the day.
Oil prices hit their highest levels since mid‑2022 on Monday, driven by fears of supply cuts from Gulf producers and disruptions to tanker traffic.
On Monday, G7 finance ministers pledged to take “necessary measures” in response to the spike, though they did not commit to coordinated emergency releases from strategic reserves.
European energy costs were already higher than those in the US and China before the crisis. European Commission President Ursula von der Leyen has indicated that proposals to address the situation will be presented at an EU summit next week.
Tuesday’s G7 call, scheduled for 12:45 GMT, will be chaired by French Finance Minister Roland Lescure, whose country currently holds the G7 presidency. He noted that there are no immediate supply shortages in Europe or the United States.
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The G7 includes the United States, Canada, Japan, Italy, Britain, Germany, and France. Several members, including Italy, Germany, and France, are also part of the EU.
EU leaders later in the day will review competitiveness issues, including energy prices, in a call with German Chancellor Friedrich Merz, Italian Prime Minister Giorgia Meloni, Belgian Prime Minister Bart De Wever, and other officials.
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Europe is heavily reliant on energy imports, sourcing over 90% of its oil and roughly 80% of its gas from abroad, leaving the region vulnerable to global price swings. Last Friday, EU commissioners discussed measures such as adjusting energy taxes and modifying the EU carbon price, which currently accounts for about 11% of industrial electricity costs.
