Macron calls for G7 meeting to mull release of oil reserves

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Photo by Thomas SAMSON / POOL / AFP via Getty ImagesFrench President Emmanuel Macron said he would convene a meeting of the Group of Seven countries in the coming weeks to discuss a potential release from strategic oil-product stockpiles as soaring energy prices sap economic growth.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“I will convene a G7 to move forward on improving coordination on the level of stockpiles, with greater cooperation on exports and production capacity,” Macron said at a press conference in Paris on Friday.The meeting will come as fuel prices in Europe surge, with the Middle East conflict and Russia’s war in Ukraine disrupting supply. This week, the region’s diesel benchmark moved above US$200 a barrel for the first time since April. With taxes, retail prices are north of US$300.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againEarlier this year, the International Energy Agency agreed to release a record amount of supply from emergency reserves onto global markets. In Europe, those stockpiles are mostly made up of fuels like gasoline and diesel, which could make a release more effective at taming fuel prices.The G7 meeting will be devoted “to increasing cooperation and avoiding unnecessary tensions between G7 countries and our main partners, and to considering options for a potential release of strategic stockpiles,” following similar coordination with the IEA a few months ago, Macron said.So far, IEA members have released more than 300 million barrels of stocks as part of the plan announced earlier this year, the agency said on Friday. Last week, its head of oil markets said there are still significant volumes of emergency stocks left, especially in Europe.France is working to secure supplies of products such as diesel, jet fuel and natural gas for the coming months, and the government will meet on Monday to consider fresh steps to ease high energy costs, Macron said.With assistance from Alex LongleyThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.