Finance ministers from the Group of Seven are scheduled to meet Monday to discuss a possible joint release of emergency oil reserves to lower prices. South Korea announced plans to cap fuel prices for the first time in nearly 30 years, following an emergency meeting where President Lee Jae Myung cited the war’s burden on a trade- and import-dependent economy. Japan, which imports close to 95 percent of its oil from the Middle East, is preparing to release oil from its reserves, though no decision has been made.
Vietnam removed import tariffs on fuel, and Bangladesh shut down universities to conserve energy. China asked refiners to suspend fuel exports and cancel existing oil shipments. In the region, Iraq cut production by 70 percent, Qatar halted natural gas exports, Kuwait Petroleum Corp cut output and declared force majeure, and Bahrain’s Bapco Energies declared force majeure after attacks on refiners.
Trump posted on Truth Social minimizing the price surge and asserting prices will drop after “the destruction of the Iran nuclear threat.”