The International Energy Agency (IEA) called for a coordinated release of emergency oil reserves during an online meeting with Group of Seven finance ministers on Monday, Japanese Finance Minister Satsuki Katayama told a briefing.
"IEA called for each country to do a coordinated release of oil reserves," Katayama said. "In response to the current situation... the G7 has agreed to continue closely monitoring developments in the energy market and to take necessary measures to support global energy supply, including the release of oil reserves."
The ministers and IEA were joined by executives from the Organisation for Economic Cooperation and Development (OECD), as well as from the World Bank and the International Monetary Fund, Katayama said.
The G7 will hold a meeting of energy ministers soon to discuss further steps, Katayama added.
Oil prices hit levels not seen since mid-2022 on Monday, as some major producers cut supplies and fears of prolonged shipping disruption gripped the market due to the expanding US-Israeli war with Iran.
Japan, which depends on the Middle East for around 95 per cent of its oil supply, holds one of the world's largest oil stockpiles.
(Reporting by Makiko Yamazaki; writing by Katya Golubkova; editing by Sharon Singleton and Jason Neely)
