Amid escalating tensions in the Middle East and oil prices surging past $100 per barrel, France’s Finance Minister has indicated that the Group of Seven (G7) nations are not yet ready to tap into their emergency oil reserves.
In comments made ahead of or during today’s G7 finance ministers’ meeting, the French Finance Minister stated that regarding the possible coordinated release of emergency oil stocks, “we are not there yet.” This cautious stance comes as global markets grapple with supply disruptions linked to the ongoing conflict involving Iran, which has driven crude oil prices sharply higher in recent days.
The G7 — comprising major economies like the United States, Japan, Germany, France, the United Kingdom, Italy, and Canada — is actively discussing options to stabilize energy markets. Reports from sources like the Financial Times and Reuters highlight that ministers are considering a joint release of strategic petroleum reserves, potentially coordinated through the International Energy Agency (IEA). Such a move would aim to ease pressure on global supply and help moderate the rapid price spike.
French President Emmanuel Macron, whose country currently holds the G7 presidency, has previously described using strategic reserves as an “envisaged option” if the situation worsens. However, the finance minister’s remarks suggest that while the tool is on the table, conditions haven’t reached the threshold for immediate action.