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Macron calls for G7 meeting to mull release of oil reserves
Move comes as energy prices rise amid the wars in Ukraine and the Middle East
French President Emmanuel Macron. (Gonzalo Fuentes, pool, via Associated Press)
Key Takeaways:
- French President Emmanuel Macron said Sept. 18 he will convene a G7 meeting in coming weeks to discuss coordination on strategic oil product stockpiles.
- The move comes as energy prices rise amid the wars in Ukraine and the Middle East, which Macron said are weighing on economic growth.
- The G7 will consider greater cooperation on stockpiles exports and production capacity, including potential releases of strategic reserves, Macron said.
French President Emmanuel Macron said he would convene a meeting of the Group of Seven countries in coming weeks to discuss the potential release of strategic oil product stockpiles, as soaring energy prices stemming from the war in Ukraine and the conflict in the Middle East sap economic growth.
“I will convene a G7 to move forward on improving coordination on the level of stockpiles, with greater cooperation on exports and production capacity,” Macron said at a press conference in Paris on Sept. 18.
The G7 meeting will be devoted “to increasing cooperation and avoiding unnecessary tensions between G7 countries and our main partners, and to considering options for a potential release of strategic stockpiles,” following similar coordination with the International Energy Agency a few months ago, he said.
