Macron said G7 countries could use strategic oil reserves amid price surge
Kyiv • UNN
Macron announced the possibility of using strategic oil reserves due to the war against Iran. G7 ministers will discuss mobilizing up to 400 million barrels.
French President Emmanuel Macron said that G7 countries could use their emergency oil reserves in response to rising energy prices, UNN reports with reference to AP.
Details
Macron, speaking to reporters on his way to Cyprus, said that "the use of strategic reserves is one of the options."
He said that G7 leaders could meet this week to agree on a response to rising energy prices, expected via a phone call or video conference.
France currently holds the G7 presidency.
Separately, G7 finance ministers are meeting on Monday afternoon via video conference to discuss the implications of the war in Iran.
As Politico notes, G7 finance ministers will discuss on Monday the issue of using emergency oil reserves amid a sharp rise in energy prices caused by the US and Israel's war against Iran.
"The use of strategic reserves is an option being considered," a French official said on Monday.
Roland Lescure, the French finance minister, whose country currently holds the presidency of the Group of Seven, will chair the virtual meeting scheduled for 1:30 p.m. local time.
Talks on using oil reserves - ranging from 300 to 400 million barrels - were first reported by the Financial Times, adding that the International Energy Agency would join the discussions.
Oil prices jumped overnight to over $100 a barrel, reaching their highest level since Russia's full-scale invasion of Ukraine in 2022.
In a social media post, US President Donald Trump said prices would "fall quickly once the destruction of the Iranian nuclear threat is over," and added that a higher oil price was "a very small price to pay for security and peace in the world."