The G7 issued a statement declaring its readiness to take all necessary measures to “preserve the stability and security of the energy market,” Kyodo News reported, as cited by Kommersant on March 31.
The statement followed an online summit of finance ministers, energy ministers, and central bank governors of the group’s member states, where they discussed the consequences of the U.S.-Israeli operation against Iran.
The statement calls on all countries to “refrain from imposing unjustified export restrictions” on petroleum products.
At the same time, the group pledged to “closely coordinate its actions” with international partners and to “remain ready to meet as necessary in response to further developments.”
The G7 also reaffirmed its “commitment to continuing pressure” on Russia.
In 2026, France holds the G7 presidency. The group also includes the United Kingdom, Canada, Germany, Italy, Japan, the United States, and the European Union.
It is noted that Japan, like the other members of the group, intends to carry out “preparatory measures” for an additional coordinated release of strategic oil reserves in order to stabilize the situation. These measures are being considered by the International Energy Agency (IEA), which has 32 members, including the G7 countries.
Earlier in March, the IEA began releasing oil reserves totaling more than 400 million barrels.
