PANews reported on March 9th, citing the Financial Times, that G7 finance ministers will hold an emergency meeting on Monday to discuss the possibility of jointly releasing emergency oil reserves under the coordination of the International Energy Agency (IEA). This meeting aims to address the surge in oil prices following the conflict in the Gulf region. According to sources, G7 finance ministers and IEA Executive Director Fatih Birol will hold a teleconference at 8:30 AM New York time (8:30 PM Beijing time) to discuss the impact of the war with Iran. Sources also revealed that three G7 countries, including the United States, have so far expressed support for this idea. The 32 member countries of the IEA hold strategic reserves, part of a collective emergency system established to address the oil price crisis. One source indicated that some US officials believe a joint release of 300 to 400 million barrels of oil reserves would be appropriate, equivalent to 25% to 30% of the total reserves of 1.2 billion barrels.