Group of Seven (G7) energy ministers said in a statement released Wednesday that they support, in principle, the implementation of proactive measures to address the global energy situation, including the use of strategic reserves.
The G7 countries are the United States, Japan, Germany, Canada, the United Kingdom, France and Italy.
The G7 energy ministers, under the French presidency, met via videoconference on Tuesday against a backdrop of heightened volatility in oil prices. Ministers discussed the impact of the Middle East conflict on the global energy market, including issues related to the security of oil and gas supply and energy prices.
The statement said G7 member states will coordinate closely with the International Energy Agency (IEA) and its members, monitor energy market trends, and prepare further measures that might be required.
Germany will release 19.51 million barrels of strategic oil reserve to deal with global energy price hikes amid the Middle East conflict, Economy and Energy Minister Katherina Reiche said Wednesday.
German petrol stations will be required to limit price increases, while price cuts can be implemented at any time. Past energy crises have shown that pump prices tend to rise quickly with global oil prices but fall more slowly, she said.
Japanese Prime Minister Sanae Takaichi said Wednesday that Japan will release some of its national oil reserve as early as March 16 to deal with a possible surge in gasoline prices, local media reported.
Speaking to reporters at the prime minister's office, Takaichi said the situation in the Middle East had effectively prevented crude oil tankers from passing through the Strait of Hormuz, raising concerns that Japan's crude imports could drop significantly later this month, public broadcaster NHK reported.
"Japan relies heavily on Middle East oil and is therefore particularly vulnerable," Takaichi said, adding that "the government will utilize its oil reserves” to ensure supply is not disrupted,
The NHK report said Japan plans to release 15 days' worth of reserves held by the private sector initially, and then 30 days' worth of government-held oil, without waiting for an international decision coordinated by the IEA.
G7 countries support, in principle, release of strategic energy reserves to stabilize supply
