Kwarteng has already spoken to counterparts in the U.S., Germany, France and Canada about a coordinated move, the person said. The U.K. has sufficient reserves to make an effective intervention, the person added.

Kwarteng is due to hold a video conference with the European commissioner for energy, Kadri Simson, on Monday, the person said.

The U.S. government is considering tapping its emergency supply of oil to counter a surge in prices following Russia’s invasion of Ukraine. U.S. officials have discussed potential price point triggers and how to coordinate a release with other nations.