PANews reported on March 9 that France stated the G7 has "not yet reached that step" in coordinating a global release of emergency oil reserves. France currently holds the rotating presidency of the organization. French Finance Minister Roland Lescure stated, "We agree to closely monitor the situation and are prepared to take all necessary measures, including using strategic reserves, to stabilize the market." Earlier on Monday, news broke that the G7 would consider releasing oil reserves, causing Brent crude prices to retreat from a previous gain of up to 29%. Typically, oil reserve releases are coordinated by the International Energy Agency. French President Macron stated earlier on Monday that energy ministers from various countries would also meet in Paris on Tuesday. Historically, coordinated releases of strategic oil reserves have only occurred five times, twice in response to the Russia-Ukraine conflict. The other three times were due to supply disruptions in Libya, Hurricane Katrina, and the first Gulf War.