G-7 says “prepared to act” on oil stockpiles amid Gulf conflict

The Group of Seven (G-7) finance ministers said they are prepared to take any measures necessary to ensure the stability of global energy markets, including the potential release of strategic oil reserves, Bloomberg reports.

“We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G-7 and with international partners,” the ministers said in a joint statement. “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”

The virtual meeting focused on the ongoing conflict in the Middle East, assessing its impact on regional stability, global economic conditions, and financial markets, as well as the importance of secure trading routes.

The discussion included participation from leaders of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Co-operation and Development (OECD), and the International Energy Agency (IEA).

By Vafa Guliyeva