G-7 tasks IEA with preparing scenarios for oil-stockpile release

The IEA, which oversees the use of OECD oil reserves, will discuss the process at a board meeting later on Tuesday

Group of Seven nations asked their main energy agency to prepare scenarios for the release of emergency oil stockpiles as the Middle East crisis roils markets.

The G-7 wants to be ready to deploy oil reserves if needed, and tasked the International Energy Agency with studying the volumes that could be released, French Finance Minister Roland Lescure told reporters in Paris on Tuesday. France holds the current G-7 presidency.

The IEA, which oversees the use of OECD oil reserves, will discuss the process at a board meeting later on Tuesday, he added.