The G7 members support the International Energy Agency in implementing actions to address the energy market situation, where oil and gas prices have increased, including the use of strategic reserves. In an announcement made by the French G7 presidency, a day after the virtual meeting of their Energy Ministers, the seven countries expressed their willingness to take actions in collaboration with the IEA members. The group of countries, which includes the United States, Japan, Germany, France, the United Kingdom, Italy, and Canada, noted that the scheduled meeting of the IEA’s board of governors provides its 32 member nations an opportunity to discuss supply security and market conditions. In their statement, they indicate their support for implementing actions to address the situation, which includes the use of strategic reserves. France’s Finance Minister, Roland Lescure, who chaired the G7 Energy Ministers meeting, clarified in an interview that no decision has been made yet, as it is up to the IEA. «Our aim is that, once the IEA makes a collective decision, it can be implemented,» he emphasised.
The G7 supports the use of strategic oil reserves in response to rising prices due to the war.
