The Group of Seven nations have decided against jointly releasing hundreds of millions of barrels of crude oil reserves to stanch skyrocketing prices, which have hit over $100 a barrel in what has been described as the most severe energy crisis since the 1970s.

Following a virtual call on Monday, it was revealed that the G7 finance ministers declined to release oil stockpiles, though they agreed to closely monitor the energy markets and take necessary actions needed for stabilization, Bloomberg reported.