Tokyo: The Group of Seven major democracies has announced its readiness to take all necessary measures, in close coordination, to ensure the stability and security of the global energy market. This declaration was made in a communique released on Monday, following an online meeting attended by energy and finance ministers, as well as central bank chiefs from the G-7 nations. The meeting aimed to address the impact of soaring crude oil prices and the ongoing Middle East conflict on the global economy.

According to Philippines News Agency, Japan’s Industry Minister Ryosei Akazawa, Finance Minister Satsuki Katayama, and Bank of Japan Governor Kazuo Ueda participated in the meeting from Japan. They welcomed a decision by International Energy Agency (IEA) members to authorize the largest coordinated release of oil stocks, a move prompted by the blockade of the Strait of Hormuz. Akazawa emphasized the G-7’s commitment to further necessary actions, highlighting the rising energy prices in many Asian countries due to crude oil procurement difficulties.

Akazawa underscored the importance of preparing for an additional coordinated release of oil reserves, anticipating a possible prolongation of the current situation. Katayama expressed concerns about the volatility in the crude oil futures market affecting the foreign exchange market and, consequently, impacting daily life and the broader economy. She assured that Japan is monitoring the market with heightened vigilance.

The meeting followed earlier discussions among G-7 finance and energy ministers on March 9 and March 10, respectively, regarding oil reserve releases. The coordinated efforts reflect the G-7’s proactive stance in mitigating the economic repercussions of energy market instability.