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(Bloomberg) — The Group of Seven said it is ready to take further measures to steady the energy market and its central banks are committed to maintaining broader price stability.
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The statement came after finance and energy ministers along with heads of monetary authorities and representatives of the International Energy Agency convened a video call on Tuesday to discuss the economic and financial shock from the Iran war.
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“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,” the G-7 said in a communique.
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Earlier this month, the G-7 met virtually to agree to support the use of strategic oil reserves to address supply and volatility.
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But governments from the group have otherwise taken measures tailored to their own economies, including fuel aid for households and businesses. Meanwhile, Japan is said to be considering intervening in the crude oil futures market to ease pressure on the commodity and the Yen.
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The surge in oil prices is already fueling inflation across the global economy and hobbling economic growth. Financial markets have swung sharply as investors price in uncertainty over a downturn and central banks raising interest rates to combat an acceleration in inflation.
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“G-7 central banks are strongly committed to maintaining price stability, and to ensuring the continued resilience of the financial system,” the communique said. “Monetary policy will remain data dependent. To that end, central banks are closely monitoring the impact of energy and other commodity price pressures on inflation, inflation expectations, and economic activity.”
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Other highlights from the G-7 statement:
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- G-7 countries recognize “importance of coordinated international action to mitigate spillovers and safeguard macroeconomic stability”
- G-7 energy and finance ministers “reiterate our strong commitment to ensuring well-functioning, stable, and transparent energy markets.”
- “We support appropriate efforts to sustain adequate supply in global oil and gas markets, and note the IEA’s options to manage demand, depending on country circumstances, in order to help smooth market conditions and limit excessive volatility
- “In this context, we call on all countries to refrain from imposing unjustified export restrictions on hydrocarbons and related products”
- “We ask the IEA to continue monitoring developments in energy markets and to provide timely analysis to its members and prospective scenarios to help member countries design proper measures to face the potential evolution of the situation”
- Ministers “reaffirm the importance of secure and uninterrupted trade flows, including the safety of navigation and the protection of critical maritime routes and infrastructure, as essential to global economic stability and energy security”
- G-7 countries reaffirm unwavering support for Ukraine and commitment to keep up pressure on Russia to achieve just, lasting peace
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