JAKARTA - The Group of Seven advanced countries or G7 said it was ready to take all necessary steps to maintain the stability and security of the energy market amid global oil supply disruptions due to the US-Israeli war against Iran.
According to a Kyodo News report quoted on Tuesday, March 31, the statement was made by the G7 after an online meeting of finance ministers, energy ministers, and central bank governors on Monday. In the joint statement, the G7 also asked all countries not to impose export restrictions on petroleum products without clear reasons.
The G7 said it would continue to coordinate with international partners and stand ready to meet again if the situation develops further. At the same time, the group reiterated its commitment to continue to pressure Russia through sanctions related to the invasion of Ukraine since 2022.
Still according to Kyodo News, the Japanese government has begun to prepare for anticipation if the International Energy Agency or IEA decides to release additional strategic oil reserves together. Japanese Industry Minister Ryosei Akazawa said that preparations needed to be made amid uncertainty in the energy market.
Japanese Finance Minister Satsuki Katayama also stated that the surge in crude oil futures prices had already affected the foreign exchange market and could threaten people's lives and the economy. Japan, said Satsuki Katayama, as written by Kyodo News, is monitoring the development with great vigilance.
The supply disruption occurred after Iran effectively blocked the Strait of Hormuz, an important world oil shipping route, following US and Israeli air raids on Iran late last month. The situation triggered a spike in crude oil prices and heightened concerns over global energy supplies.
Earlier this month, the IEA began releasing more than 400 million barrels of oil reserves. The joint move was the first since 2022, when Russia launched a full-scale invasion of Ukraine. Of the total, Japan released 79.8 million barrels, the second largest after the United States, which reached 172.2 million barrels.
For Japan, this threat is very serious. More than 90 percent of the country's crude oil imports come from the Middle East. That's why turmoil in the region quickly turns into an economic threat.
This year the G7 is chaired by France. Its members consist of the United Kingdom, Canada, Germany, Italy, Japan, the United States, and the European Union.
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