In a statement following a virtual meeting held today, the ministers explained that they will continue to closely monitor developments in the energy markets, while preparing to hold additional meetings to exchange information and coordinate within the group and with international partners.
The statement said: “We are prepared to take the necessary measures to support global energy supplies, such as releasing oil stockpiles.”.
Necessary measures
For his part, French Finance Minister Roland Lescure said, "The group is not ready to draw on reserves, as countries have not yet reached the stage of organizing a global withdrawal." He affirmed that the group is closely monitoring the situation and is prepared to take all necessary measures.
The meeting discussed the repercussions of the conflict in the Middle East on global economic conditions and financial markets, and was attended by officials from the International Monetary Fund, the World Bank, the Organisation for Economic Co-operation and Development and the International Energy Agency.
G7 finance ministers confirmed their readiness to take all necessary measures to support global energy supplies, including the release of strategic oil reserves if needed.
The ministers stated in a statement following a virtual meeting held today that they will continue to closely monitor developments in energy markets, with readiness to hold additional meetings to exchange information and coordinate within the group and with international partners.
The statement said: “We are prepared to take necessary actions to support global energy supplies, such as releasing oil stocks.”
Necessary Measures
For his part, French Finance Minister Bruno Le Maire said: “The group is not ready to draw from reserves, as countries have not yet reached the stage of organizing a global drawdown.” He emphasized that the group is closely monitoring the situation and is ready to take all necessary measures.
The meeting discussed the implications of the conflict in the Middle East on the global economic situation and financial markets, and included officials from the International Monetary Fund, the World Bank, the Organization for Economic Co-operation and Development, and the International Energy Agency.
