G-7 Eyes Joint Oil Reserve Release

London/Washington/Tokyo, March 9 (Jiji Press)--Finance ministers from the Group of Seven major democracies Monday issued a statement vowing to address surging crude oil prices amid the continued U.S.-Israel conflict with Iran.

"We stand ready to take necessary measures, including to support global supply of energy such as stockpile release," the G-7 finance ministers said in the statement after discussing the tense situation in the Middle East at an emergency online meeting.

A joint release of oil reserves, if carried out, would be the first in about four years since Russia invaded Ukraine in 2022.

"It is a great achievement that we agreed to take necessary measures," Japanese Finance Minister Satsuki Katayama told reporters in Tokyo after the meeting.

According to the Financial Times, French Finance Minister Roland Lescure said that no agreement has been reached yet on the coordinated oil release.

[Copyright The Jiji Press, Ltd.]