G7 To Discuss Releasing Strategic Oil Reserves: Macron

2026-03-09 07:06:55

(MENAFN- The Peninsula) AFP

Paris, France: French President Emmanuel Macron said Monday the G7 will discuss a possible release of strategic oil reserves, as finance ministers of the world's leading industrialised nations prepared to meet for crisis talks on the Middle East war.

Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, said that "the use of strategic reserves is an option being considered."

A possible meeting of G7 heads of state and government could take place this week, Macron told journalists on his way to Cyprus.

"A coordination among G7 heads of state and government this week on the issue of energy is being examined," he added.

French Finance Minister Roland Lescure will chair a video meeting of G7 finance ministers at 1:30 pm Paris time (1230 GMT).

The gathering will "review the situation in the Gulf from an economic point of view" and the "events of recent days," the ministry said.

The Financial Times reported earlier that the finance ministers of G7, which also includes Canada, Germany, Italy, Japan, the United Kingdom and the United States, were scheduled to discuss a joint release of strategic oil reserves coordinated by the International Energy Agency (IEA).

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