French President Macron said on the 18th that, in response to supply disruptions and soaring prices caused by heightened tensions in the Middle East, he will convene a G7 meeting focused on energy issues within a few weeks. The aim is said to be to discuss additional releases of oil reserves and other matters. At a press conference, Macron pointed out the need to strengthen coordination on oil reserve levels, exports, and production capacity. He said that, following the coordinated release of a total of 400 million barrels decided by International Energy Agency member countries in March of this year, the meeting will consider the possibility of releasing strategic reserves as one option.
Planned G7 talks on further strategic reserve releases to counter Middle East supply disruptions would add supply and weigh on Brent prices.
G7 considering additional releases of strategic oil reserves would add supply and pressure WTI prices lower.
