Energy ministers from the Group of Seven (G7) are set to meet on Tuesday to discuss a possible coordinated release of emergency oil reserves, following a surge in global oil prices amid the conflict involving the United States, Israel, and Iran.

Japan’s Finance Minister, Satsuki Katayama, said the talks will focus on how the release could be carried out, including timing, scale, and whether it should be done in stages. She added that the issue might also be discussed at the leaders’ level if necessary.

The meeting comes after G7 finance ministers held an online discussion on Monday, signaling their readiness to take measures to support global energy supplies, including releasing stockpiles.

Crude oil prices recently climbed above $119 per barrel, the highest since June 2022, due to concerns over potential supply disruptions in the Middle East.

The International Energy Agency (IEA) requires member countries to maintain emergency oil reserves. Together, IEA members hold over 1.2 billion barrels, with the United States and Japan accounting for about 700 million barrels. IEA Executive Director Fatih Birol joined Monday’s talks with G7 finance ministers.

A coordinated release of oil reserves was also carried out in 2022 to stabilize markets after Russia’s invasion of Ukraine.

This Tuesday meeting aims to ensure a timely and effective response to the current market pressures.