French President Emmanuel Macron is advocating for an additional emergency release of oil stocks and has called for a meeting of G7 nations to address the matter.
This initiative comes as Europe experiences a reduction in crude oil deliveries from Saudi Arabia, concurrently with diesel prices climbing to unprecedented levels. Mr Macron indicated on Friday that he plans to convene G7 members in the coming weeks to coordinate strategic stock levels, export policies, and production capacity. The agenda will also include considering the utilisation of strategic reserves, as reported by OilPrice.com.
France is also actively working to safeguard its supply of diesel, jet fuel, and natural gas for the forthcoming months.