25/09/2026 by Joel Thompson
Emmanuel Macron, the President of France, has said he will call a meeting of the G7 countries to discuss another emergency release of oil reserves.
Releasing strategic reserves is the main tool by which the G7 can reduce fuel prices. Crude oil prices have risen over the last month amid ongoing disruption in the Strait of Hormuz. Saudi Aramco, the owner of the Valvoline lubricant and coolant brand, has also warned some European customers to not expect October shipments. While global oil prices have relaxed, wholesale diesel prices in Europe have continued to increase.
In a press conference, Macron said:
“We will have in the upcoming weeks a G7 that will be devoted to energy issues, to increase cooperation and avoid unnecessary tensions between G7 countries and our main partners…The situation we face is serious…due to the international situation…”
He also emphasised the need to remain united in the circumstances.
The International Energy Agency (IEA) members have already released over 300 million barrels of strategic reserves this year. Global inventories have also been steadily declining over the past six months at a rate of 2.8 million barrels per day (bpd).
A further release of strategic reserves could relieve some pressure by quickly putting extra physical barrels of oil on the market. More importantly, the emergency stocks in Europe also contain large volumes of diesel, petrol and other finished fuels. These could more quickly mitigate the price at the pump for consumers and help reduce transportation costs for businesses.
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