The G7 Energy Ministers said on Wednesday that they are “in principle” in favor of taking proactive steps to address the current Middle East conflict and its impact on oil markets, such as using strategic oil reserves. Following yesterday’s meeting with officials from the International Energy Agency (IEA), the G7 ministers said in a statement that “working alongside the IEA, we are vigilantly monitoring energy market trends and are coordinating within the G7 and with our international partners, IEA member countries, and beyond.” The G7 members also stated that they will carefully consider the suggestions made during the meeting. Additionally, French Finance Minister Roland Lescure said that the final decision on strategic reserves hasn’t been made yet and that the leaders of the G7 will have a meeting later today to discuss the oil stock release.