G7 finance ministers will discuss today the possibility of a joint release of oil from strategic reserves, in an effort to stabilize global energy markets.
According to a report published by the Financial Times, the initiative will be coordinated with the International Energy Agency and aims to ease pressure on energy prices if the situation in international markets worsens.
The British newspaper reports that so far three member countries of the group, including the United States, have expressed support for this idea.
The G7 group includes some of the world's most developed economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The discussion comes at a time when energy markets have been facing sharp fluctuations and rising oil prices, adding pressure on the global economy and costs for consumers.
