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Energy ministers of the Group of Seven (G7) on Wednesday affirmed their readiness to take “all necessary measures” regarding oil reserves, hours before a meeting of G7 leaders, amid sharp volatility in crude prices caused by the ongoing war in the Middle East.In a statement issued after a virtual meeting on Tuesday with Executive Director of the International Energy Agency (IEA) Fatih Birol, the ministers said that “G7 members will carefully consider the recommendations issued during these discussions.”They added that they support in principle the implementation of proactive measures to address the situation, including the use of strategic reserves, noting that coordination is ongoing within the G7 as well as with IEA member states and other partners.”We agreed to stand ready to take all necessary measures in coordination with IEA Members,” the statement said.The discussions followed a meeting of G7 finance ministers on Monday, which was followed by a meeting of energy ministers on Tuesday, to examine the option of using emergency oil reserves.Leaders of the G7 countries — Britain, Canada, France, Germany, Italy, Japan and the United States — are scheduled to hold a meeting later Wednesday, at the request of French President Emmanuel Macron, focusing on the war in the Middle East, with discussions expected to include the issue of strategic oil stockpiles.Emergency oil stocks held by IEA member countries currently exceed 1.2 billion barrels, in addition to about 600 million barrels held by industry under government mandates.
