G7 to discuss possible emergency release of oil reserves over war, says France’s Macron
Concern is rising about the war and Iran’s blockade of the Strait of Hormuz, through which much of the world’s energy supplies pass
French President Emmanuel Macron said on Monday the G7 will discuss a possible release of strategic oil reserves, as finance ministers of the world’s leading industrialised nations prepared to meet for crisis talks on the Middle East war.
Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, said that “the use of strategic reserves is an option being considered”.
A possible meeting of G7 heads of state and government could take place this week, Macron told journalists on his way to Cyprus.
“A coordination among G7 heads of state and government this week on the issue of energy is being examined,” he added.
French Finance Minister Roland Lescure was due to chair a video meeting of G7 finance ministers at 12.30 GMT.
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The gathering will “review the situation in the Gulf from an economic point of view” and the “events of recent days”, the ministry said.