France, March 11 -- Japan and Germany announced plans Wednesday to release strategic reserves, while the Paris-based International Energy Agency (IEA) has asked member countries to prepare a major emergency stock release.

French Economy Minister Roland Lescure told French media the decisions to tap oil reserves were "undoubtedly part of a highly coordinated strategy".

G7 energy ministers signalled they are prepared to step up emergency measures to stabilise markets if the crisis worsens.

"In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves," they said in a statement.

"We agreed to stand ready to take all necessary measures in coordination with IEA members....