The International Energy Agency (IEA) called for a coordinated release of strategic oil reserves during an online meeting with G7 finance ministers.
According to Report, this was announced at a briefing by Japanese Finance Minister Satsuki Katayama.
‘The IEA called on each country to carry out a coordinated release of oil reserves,’ Katayama said. ‘In response to the current situation, the G7 countries agreed to continue to closely monitor developments in the energy market and take necessary measures to support global energy supplies, including the release of oil reserves.’
According to Katayama, representatives of the Organisation for Economic Co-operation and Development (OECD), as well as the World Bank and the International Monetary Fund, also participated in the meeting of ministers and the IEA.
Katayama added that the G7 will hold a meeting of energy ministers in the near future to discuss further steps.
Oil prices on Monday reached levels not seen since mid-2022, amid supply cuts by a number of major producers and fears of prolonged shipping disruptions due to the expanding US-Israeli war against Iran.
Japan, which depends on the Middle East for about 95% of its oil supplies, has one of the world’s largest oil reserves.
