The Group of Seven (G7) has declared it is ready to take “all necessary measures” to safeguard global energy market stability, as escalating geopolitical tensions continue to disrupt supply and drive prices higher, according to CNBC Africa.
The commitment follows an emergency meeting of finance ministers, energy officials, and central bankers from major economies including the United States, Japan, Germany, France, the UK, Italy, and Canada, convened to coordinate responses to the ongoing energy shock linked to conflict in the Middle East.
In a joint statement, the group emphasised the need for close international coordination to maintain stable energy supplies and limit economic spillovers, while warning against export restrictions on oil and gas that could further tighten global markets.
The G7 also backed actions by the International Energy Agency (IEA), including the release of up to 400 million barrels from strategic reserves, aimed at easing supply shortages and curbing price spikes.
With oil prices surging and inflation risks rising, officials signalled that additional interventions remain on the table, including coordinated stockpile releases and demand-management measures, as policymakers work to prevent prolonged instability in global energy markets, Euronews reported.
