G7 energy ministers affirm their readiness to take the necessary measures regarding oil reserves

On Wednesday, G7 energy ministers confirmed their readiness to take "all necessary measures" in coordination with the International Energy Agency regarding the sharp fluctuations in oil prices caused by the ongoing war in the Middle East.

In a statement issued hours before a meeting of their countries’ leaders, following their video conference on Tuesday with IEA Executive Director Fatih Birol, the group’s energy ministers said their countries “will carefully consider the recommendations issued during these discussions.”

The ministers added that they support, in principle, the implementation of proactive measures to address the situation, including the use of strategic reserves, noting that they are coordinating among themselves within the G7, as well as with member states of the International Energy Agency and others.

The statement continued, "We agreed to remain on standby to take all necessary measures in coordination with members of the International Energy Agency."

The group’s finance ministers met on Monday, followed by energy ministers on Tuesday, to discuss the option of using reserves set aside for emergency situations.

The heads of state of the group—which includes Britain, Canada, France, Germany, Italy, Japan, and the United States—are holding a meeting today, at the request of French President Emmanuel Macron, focused on the war in the Middle East, during which they are expected to address the issue of "strategic oil reserves."

Oil reserves set aside for emergencies by member states of the International Energy Agency now total more than 1.2 billion barrels, in addition to another 600 million barrels held by the industrial sector under government mandates.