G-7 ministers weigh emergency oil reserve release amid market turmoil

(Bloomberg) – Group of Seven finance ministers said they were ready to take any steps needed to support global energy supply, including releasing strategic oil reserves.

“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 group said in a statement. “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”

G-7 finance ministers held a virtual meeting on Monday to discuss the conflict in the Middle East, its impact for regional stability, global economic conditions, and financial markets, and the importance of secure trading routes.

The heads of the International Monetary Fund, World Bank Group, Organisation for Economic Co-operation and Development, and International Energy Agency took part in the discussion.