Mar 09, Kathmandu - Major industrial nations are set to convene to discuss strategies to control the volatility in the global energy markets caused by escalating conflicts and tensions in the Middle East.

According to a source from the French government, the upcoming meeting on Monday will focus on seriously considering the use of strategic oil reserves to stabilize crude oil prices.

The French Ministry of Economy announced that the meeting will review the recent developments in the Gulf region and assess their potential impact on the global economy. As the conflict between the US-Israel and Iran intensifies, concerns are mounting over possible disruptions to oil supplies from the Middle East. Consequently, crude prices have surged sharply, and stock markets worldwide have experienced increased volatility.

France, currently holding the rotating presidency of the Group of Seven (G7), which includes Canada, Germany, Italy, Japan, the United Kingdom, and the United States, is leading efforts to address the energy security risks. The participating nations are also contemplating joint strategies through international energy cooperation mechanisms to release strategic oil reserves into the market if necessary.

US President Donald Trump stated that rising oil prices are a small price to pay to eliminate Iran's nuclear threat. Since the 1973 oil crisis, an international energy cooperation mechanism has been in place to coordinate responses among member countries during supply disruptions. This system requires member nations to maintain emergency oil reserves equivalent to at least 90 days of imports, which can be tapped into to stabilize markets during crises.