French President Emmanuel Macron has called for a G7 meeting in the coming weeks to address rising energy prices and the potential release of strategic oil product stockpiles. Macron, speaking at a press conference in Paris on September 18, 2026, stated that the summit would aim to improve coordination on stockpile levels and enhance cooperation on exports and production capacity. This initiative comes as energy prices have surged due to the war in Ukraine and the ongoing conflict in the Middle East, particularly the US-Iran conflict and Saudi pipeline issues.
The discussions will focus on options for a possible release or unlocking of strategic reserves, a measure previously taken by G7 members. Macron emphasized that the current price increases are a consequence of the geopolitical situation rather than government decisions, as his administration faces growing public discontent and protests over high fuel costs ahead of France's upcoming elections. Crude prices have reportedly increased by approximately 20% in September alone.
While the specific timing and tonnage of any potential reserve releases remain unspecified, such statements often serve as an initial signal to the market. Previous instances suggest that the impact is greater when a coordinated, IEA-style drawdown is announced, rather than a unilateral national release. The upcoming meeting will also review and adjust existing support measures to help citizens manage the rising cost of living, with Macron stressing the importance of addressing root causes before increasing public spending.
