CAMP DAVID (Maryland), May 19: Leaders of the Group of Eight major economies raised the pressure on Iran on Saturday, signalling their readiness to tap into emergency oil stockpiles quickly this summer if tougher new sanctions on Tehran threaten to strain supplies.

In unusually blunt language, the G8 put the International Energy Agency — the West’s energy adviser responsible for coordinating reserves — on standby for action.

The meeting came just days before the next round of Iran talks, to be held in Baghdad.

It was the clearest sign yet that US President Barack Obama is winning support for tapping government-held oil stocks for the second time in two years.

“Looking ahead to the likelihood of further disruptions in oil sales and the expected increased demand over the coming months, we are monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied,” the G8 said in a communique after a summit at Camp David.

“All of us are firmly committed to continuing with the approach of sanctions and pressure in combination with diplomatic discussions,” Obama told reporters at the presidential retreat in Camp David.

“And our hope is that we can resolve this issue in a peaceful fashion that respects Iran’s sovereignty and its rights in the international community, but also recognises its responsibilities,” he said.—Reuters