G-7 finance ministers say they are ready to release oil stockpiles if needed to support global energy supply

Did the G-7 decide to release strategic oil reserves immediately?

No. While the G-7 said it stands ready to take measures including a stockpile release, France’s Roland Lescure said the group was “not there yet,” indicating no final decision to release reserves at that point. MoneyControl Bloomberg Business

What did the G-7 say it would do next?

The ministers said they would closely monitor energy-market developments and meet as needed to exchange information and coordinate within the G-7 and with international partners. Hindustan Times Investing.com

Who else was involved in the discussions besides G-7 finance ministers?

Reporting on the meeting said the heads of the International Monetary Fund and the World Bank Group were involved, and a separate report said G-7 energy ministers would meet at the International Energy Agency in Paris to discuss options including a potential reserve release. Bloomberg Business Investing.com