Economy

G7 Agrees to Support Global Energy Supply Amid Soaring Oil Prices Following Attacks on Iran

Yomiuri Shimbun file photo
Mutsu Ogawara crude oil reserve tanks are seen in the village of Rokkasho, Aomori Prefecture.

The Yomiuri Shimbun

21:00 JST, March 10, 2026

Finance ministers from the Group of Seven advanced nations held an emergency online meeting on Monday night Japan time, in response to the surge in crude oil prices following the U.S. and Israeli attacks on Iran.

The ministers issued a joint statement pledging to “support global supply of energy.” There was expected to be a meeting of energy ministers on Tuesday night Japan time to discuss specific measures, such as coordinated releases of oil reserves.

Monday’s meeting was also attended by the heads of the International Energy Agency, the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development.

They discussed the impact of the Middle East conflict on the global economy and financial markets, as well as the protection of trade routes such as the Strait of Hormuz.

IEA Executive Director Fatih Birol called for urgent action on coordinated releases of oil reserves.

Japan’s Finance Minister Satsuki Katayama pointed out that maritime transport through the Strait of Hormuz is critically important for stable energy supplies to Asian countries, explaining that it is necessary to urge energy ministers to coordinate the releases of oil reserves among IEA member countries.

G7 Chair and French Finance Minister Roland Lescure stated that the situation in the Middle East is having a direct impact on household budgets, particularly gasoline prices, and that the G7 will closely monitor this situation. He added that the ministers agreed to take all necessary measures, including releasing reserves, to stabilize the overall market.

At a press conference after the meeting, Katayama said, “Reaching agreement on releasing oil reserves and taking other necessary measures is a very significant achievement.”

In 2022, when crude oil prices surged due to Russia’s aggression against Ukraine, IEA member countries including Japan, the United States and European nations launched coordinated releases of oil reserves. Japan released a total of 22.5 million barrels, equivalent to about 12 days of domestic demand.

As of the end of December last year, Japan held reserves equivalent to 254 days of consumption.