"We stand ready to take all necessary measures in close coordination with our partners, including to preserve the stability and security of the energy market, said the G7 in a statement after a teleconference."
"The likelihood of oil price rises and supply concerns affecting markets and economic growth has increased, Japanese Finance Minister Satsuki Katayama said. As such, we agreed that we cannot let this drag on."
"The G7 called on countries to refrain from imposing unjustified export restrictions on oil, gas and related products, taking note of options suggested by the International Energy Agency (IEA) to manage demand."
G7 finance ministers are addressing rising energy prices that threaten inflation and economic growth. The group is coordinating efforts to stabilize energy markets amid tensions from the US-Israeli conflict with Iran. Brent crude prices have surged past $116 per barrel due to Iran's actions against Gulf oil producers. The G7 urged countries to avoid unjustified export restrictions and noted the International Energy Agency's plan to release 400 million barrels from strategic reserves. Central banks are committed to maintaining price stability amid these challenges.
Read at www.aljazeera.com
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