Julie Morgan
👤 SpeakerAppearances Over Time
Podcast Appearances
It's good to be with you on this Monday, March 9th.
G7 finance ministers will reportedly discuss a possible joint release of petroleum from reserves coordinated by the International Energy Agency.
The Financial Times reported that the leaders will have an emergency meeting today aimed at tackling the surge in oil prices following the conflict in the Gulf.
According to people familiar with the situation, including a senior G7 official, the ministers and the IEA executive director will hold a call at 8.30 a.m.
New York time to discuss the impact of the Iran war.
Three G7 countries, including the U.S., have so far expressed support for the idea, according to the people familiar with the matter.
The 32 members of the IEA hold strategic reserves as part of a collective emergency system designed for an oil price crisis.
According to the FT report, one person indicated that certain U.S.
officials see a 300 million to 400 million barrel release,
or 25 to 30 percent of the 1.2 billion barrel reserve, as reasonable.
The price at the pump has risen greatly over the past week.
According to AAA, the average price for a gallon of gas is $3.47.
It was less than $3 before the war began.
Meanwhile, South Korea's president has invoked the first fuel price ceiling in 30 years to combat war-driven energy shock.
We're also following reports that the Saudis are offering oil on the spot market as the war has disrupted contracted flows.
The links to those two articles are in the show notes section.
Live Nation is reportedly close to settling a federal antitrust lawsuit accusing the company of illegally monopolizing the live music industry.
Bloomberg News is reporting that the settlement would avoid a sale of Ticketmaster.
The people said settlement discussions have intensified since a trial kicked off on March 2nd, and a final agreement could be announced in the coming days, but the exact timing is still unclear.