G7 statement: "Ready at any time" to release oil reserves if necessary.

PANews reported on March 9 that G7 finance ministers stated they are prepared to take all necessary measures to support global energy supplies, including releasing strategic petroleum reserves. In a statement, the organization said, "We will continue to closely monitor the situation and developments in energy markets, and will meet as needed to exchange information and coordinate within the G7 and with international partners. We stand ready to take necessary measures, including releasing reserves, to support global energy supplies." The G7 finance ministers held a video conference on Monday to discuss the Middle East conflict, its impact on regional stability, the global economic situation and financial markets, and the importance of securing trade routes. Officials from the International Monetary Fund, the World Bank Group, the Organization for Economic Cooperation and Development, and the International Energy Agency also participated in the discussion.