Macron to convene G7 meeting on energy crisis, eyes strategic oil reserves

French President Emmanuel Macron announced on Friday that France will convene a G7 meeting in the coming weeks dedicated to the escalating global energy crisis, with a coordinated release of strategic oil reserves among the options on the table. The announcement came as Brent crude traded above $100 a barrel amid disruptions to key shipping routes in the Middle East and mounting pressure on European households from rising fuel costs.

"In the coming weeks, we will hold a G7 meeting dedicated to these energy issues, both to strengthen cooperation and avoid unnecessary tensions among G7 countries and our key partners, and to consider options for potential releases from strategic reserves or the lifting of restrictions, as we did a few months ago," Macron told reporters at the Élysée Palace, according to Reuters.reuters

Fuel Prices and Supply Disruptions

Macron linked the crisis to the US-Iran war and the conflict in Ukraine, both of which have strained global oil supplies and driven fuel prices to what the French president called "unbearable" levels. Traffic through the Strait of Hormuz, a critical artery for global energy trade, has fallen sharply — only four cargo ships crossed the strait on Thursday, compared with an average of 16 over the previous ten days, according to data from Kpler cited by Reuters. Attacks on Saudi Arabia's East-West oil pipeline have further disrupted exports from the Red Sea port of Yanbu, while Houthi militants continue to threaten shipping near the Bab al-Mandab strait.ndtvprofit+1

France, which holds the G7 presidency this year, authorized a coordinated release of 400 million barrels through the International Energy Agency six months ago in response to the initial impact of the Iran conflict. Macron said he also plans to discuss European gas storage levels with European Commission President Ursula von der Leyen and would take up petroleum and LNG trade with Canadian Prime Minister Mark Carney when the two meet on Sunday.democrata+1

Russian Hybrid Threats

Macron used the occasion to warn that Russian hybrid attacks against Europe have intensified. He ordered the government to prepare a plan to protect critical infrastructure and defense production sites against drone and cyberattacks, and said the interior minister had summoned all prefects "to raise the posture and vigilance against Russian hybrid attacks".newscord+1

He cited the discovery of an explosive drone at Leipzig airport in August and a Russian drone strike on a train linking Kyiv to Warsaw near the Polish border as examples of the mounting threat. "We are not intimidated, because we know that what is at stake today in Ukraine is our security," Macron said.dailyecho+1

Domestic Political Pressures

The announcements followed a three-hour briefing at the Élysée with leaders across the French political spectrum, including representatives of Marine Le Pen's far-right party and Jean-Luc Mélenchon's far-left movement, as well as intelligence chiefs and Prime Minister Sébastien Lecornu. With France pursuing a €54 billion budget squeeze next year, Politico reported that the government has limited room to subsidize energy bills and is instead working on targeted assistance proposals.politico+1