Finance and energy Ministers and Central Bank governors of the Group of Seven (G7) said on the 30th (local time) they are ready to take all necessary measures to calm energy market turmoil triggered by the Middle East crisis.
G7 Ministers and Central Bank governors emphasized this in a joint statement released immediately after a videoconference convened by France, the chair country, that day.
They noted that they "are watching the role of the International Energy Agency (IEA), which has proposed demand management options tailored to each country's circumstances to promote market stability and curb excessive volatility," and said, "We call on all countries not to impose unjustified export restrictions on hydrocarbons such as oil and related products."
They also stressed that "maintaining uninterrupted trade flows, including safe navigation and the protection of key sea lanes and infrastructure, is essential to global economic stability and energy security."
The Ministers asked the International Monetary Fund (IMF), the World Bank, and the Organisation for Economic Co-operation and Development to analyze more closely the impact of energy market fluctuations on the economy. In particular, they asked for a focus on the effects on developing countries, spillover effects by industry, strategic value chains including critical minerals, and impacts on food security.
They requested that the IEA continuously monitor energy market trends and provide timely analysis and scenario forecasts so that member countries can respond to changes.
In addition, G7 Ministers reaffirmed their support for Ukraine, which has drifted from international attention due to the Iran war, and said they would continue to put pressure on Russia.