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Energy

G7 Nations May Ask for More Oil Production

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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Rumors have come out of France that G7 financial ministers will ask the largest oil-producing nations to increase supply. Prices have crept up sharply again since they sold off early in the summer. WTI crude sits at about $97.

Concerns about the Middle East, particularly Iran, have caused worry about supply. There is ongoing speculation about an armed confrontation between Israel and Iran.

Although crude production and refinery production may be harmed by Isaac, which is the intense focus of supply now, that interruption is likely to be short lived as the storm moves inland across the middle United States.

MSNBC reported that a member of the French government has already signaled the request, although it has not been confirmed

The Group of Seven industrialized nations will issue a joint call for an increase in global oil production in a bid to bring down fuel prices, French Finance Minister Pierre Moscovici said on Tuesday.

There have been ongoing conversation about the release of strategic oil reserves by both the U.S. and its allies, but so far, no government has indicated it is even leaning in that direction.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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