Macron Calls for G7 Meeting to Mull Release of Oil Reserves
- On Friday, French President Emmanuel Macron announced a Group of Seven summit in the coming weeks to address energy supply security amid rising costs from conflicts in Ukraine and the Middle East.
- Wars in Ukraine and the Middle East have driven energy prices higher, sapping economic growth and forcing Macron to pursue coordinated international action on stockpiles and production capacity.
- Addressing the press at the Elysee Palace on Friday, Macron said, "I will convene a G7 to move forward on improving coordination on the level of stockpiles, with greater cooperation on exports and production capacity."
- The Group of Seven meeting will consider potential releases from strategic reserves to strengthen cooperation and avoid tensions among members and partners, following similar coordination with the International Energy Agency.
- Facing growing domestic pressure over high fuel prices, France's government is using the summit to strengthen cooperation among Group of Seven members and secure energy supplies amid persistent market instability.
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In view of the increased energy prices, France wants to look for a common response in the circle of leading democratic economic powers. President Macron announced in Paris that he would be called for a G7 meeting.
EADaily, 18 September 2026. In the coming weeks, France is going to initiate an extraordinary meeting of the G-7 to discuss the record prices of gasoline and diesel, and the President of France is proposing to re-enter the strategic reserves that have already fallen out of major players since the beginning of the Iranian war.
(London=Yonhap News) Correspondent Kim Ji-yeon = French President Emmanuel Macron plans to hold a G7 meeting to discuss the release of strategic petroleum reserves, the 18...
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