Macron to Convene G7 on Oil Reserves as Middle East Conflict Drives Diesel Prices to Record Highs
French President Emmanuel Macron announced plans to convene a G7 summit to coordinate the release of strategic oil and fuel reserves, responding to soaring energy prices and supply disruptions caused by Middle East conflict. The move follows a sharp spike in Brent crude and record-high diesel costs, exacerbated by an attack on a Saudi pipeline and reduced Russian diesel exports. Macron also signaled a push for a coordinated European response on natural gas storage, as the EU enters winter with record-low reserves. While the IEA previously coordinated a massive 400 million-barrel release in March, the pace of new releases has slowed, raising questions about the availability of further emergency stocks.