The International Energy Agency (IEA) has urged countries to coordinate a release of emergency oil reserves during an online meeting with finance ministers from the Group of Seven (G7), according to Japan’s Finance Minister Satsuki Katayama.

G7 is an informal intergovernmental forum composed of seven of the world’s most advanced economies: the United States (US), the United Kingdom (UK), Canada, France, Germany, Italy, and Japan. While it is not a formal international organization, it exerts significant global influence by coordinating policies on international security, trade, and economic stability.

Katayama said the agency had called on member countries to undertake a coordinated drawdown of oil stockpiles in response to current market conditions. She added that G7 countries agreed to continue closely monitoring developments in global energy markets and to take necessary steps to support global supply, including the possible release of strategic reserves.

The discussions also included officials from the Organisation for Economic Co-operation and Development (OECD), the World Bank, and the International Monetary Fund, Katayama said.

She noted that G7 energy ministers are expected to meet soon to consider further measures.

On March 9, Oil prices rose to their highest levels since mid-2022 amid supply cuts by some major producers and growing concerns over prolonged shipping disruptions linked to the expanding US-Israeli war with Iran.

Japan depends on the Middle East for about 95% of its crude oil imports and maintains one of the world’s largest strategic petroleum reserves.