G-7 Ready to Release Oil Stocks If Needed But ‘Not There Yet’

Group of Seven finance ministers said they were ready to take any steps needed to support global energy supply, including releasing strategic oil reserves — although the group isn’t at the point of doing so yet.

“We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G-7 and with international partners,” the group said in a statement. “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”