Energy ministers from the Group of Seven (G7) said on Wednesday they support, in principle, taking proactive measures to address current market conditions, including the possible use of strategic energy reserves if necessary.

In a joint statement, the ministers said they held a virtual meeting on Tuesday to discuss the impact of the conflict in the Middle East on global energy markets. The meeting was also attended by Fatih Birol, executive director of the International Energy Agency (IEA).

According to the statement, participants exchanged views on energy security issues, including global oil and natural gas supply as well as energy price trends.

The G7 members said they will continue to closely coordinate with the IEA and its member countries, closely monitor developments in global energy markets and stand ready to take all necessary measures if required.