PARIS, March 30. /TASS/. The G7 countries called on states "to refrain from imposing unjustified export restrictions on hydrocarbons and related products" in light of the current crisis on the energy market, according to a communique issued following a videoconference of G7 economy and finance ministers, energy ministers, and central bank governors.
"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," the communique says.
The G7 Energy and Finance Ministers and Central Bank Governors expressed their strong commitment to "maintaining price stability, and to ensuring the continued resilience of the financial system."
"To that end, Central Banks are closely monitoring the impact of energy and other commodity price pressures on inflation, inflation expectations, and economic activity," the document says.
Participants in the videoconference also stressed the need to secure 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."
Earlier, IEA member countries agreed to release 400 million barrels of oil from their stocks on March 11. According to agency head Fatih Birol, countries will release 400 million barrels of oil onto the market amid the closure of the Strait of Hormuz. On March 23, he stated that the daily damage to the global energy market from the ongoing conflict in the Middle East was more than twice that of the two largest oil crises.
The US and Israel launched an operation against Iran on February 28. Major Iranian cities, including Tehran, were hit. The Islamic Revolutionary Guard Corps announced a large-scale retaliatory operation, attacking Israel. US military facilities in Bahrain, Jordan, Iraq, Qatar, Kuwait, the UAE, and Saudi Arabia were also hit. Iranian authorities decided to close the Strait of Hormuz to vessels associated with the United States, Israel, and countries that supported aggression against the Islamic Republic. During the conflict, several tankers were attacked for passing through the strait without Tehran's permission. On March 25, Iranian Foreign Minister Abbas Araghchi announced that Iran had allowed passage through the Strait of Hormuz to vessels from friendly countries, including Russia, India, Iraq, China, and Pakistan.