BREAKING NEWS

US to seek G8 support for oil reserve release

By REUTERS

MAY 16, 2012 23:47

WASHINGTON/PARIS - US President Barack Obama will seek support to tap emergency oil reserves from other Group of Eight leaders at a summit this weekend before the European Union's July embargo of Iranian crude, Kyodo news agency reported on Wednesday.

The report suggests that a slide in oil prices to their lowest in months has not halted US efforts to use strategic oil stockpiles to offset diminishing exports from Iran, which is facing tough new sanctions on its oil industry.

The EU ban on imports comes into full force in July.

Kyodo said Japanese Prime Minister Yoshihiko Noda was expected to support the call, which comes after several months of discussion with allies including France and Britain. It is the first indication that Japan may support the move, although it is far from clear that sceptical nations like Germany have been won over.

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