
Patrice Geoffron analyzes the release of 100 million barrels of crude oil and diesel by the G7.
Patrice Geoffron, professor of economics, analyzes the G7 decision to release up to 100 million barrels of oil and diesel to lower prices, in comparison with the 426 million barrels released in May by the IEA.
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The International Energy Agency released 426 million barrels in May.
Patrice Geoffron is professor of economics at Paris-Dauphine University and director of the Center for Geopolitics of Energy and Raw Materials (CGEMP). He provides his analysis of the G7 announcements concerning the release of “up to 100 million barrels of crude oil and diesel”, supposed to allow a reduction in fuel prices.
Le Figaro - Last May, the International Energy Agency (IEA) had already released 426 million barrels. In comparison, 100 million barrels seem like a small amount. What effects can we expect in Europe and the United States?

Faced with the blockage of the Strait of Hormuz, exporting countries are circumventing the Iranian threat via oil pipelines and night shuttle convoys under American protection. An influx of oil which does not translate into a drop in prices at the pump.
The International Energy Agency announced that 325 million barrels of oil have been released since March, or 80% of the G7's initial commitment. These strategic stocks, built up since 1974, aim to stabilize global supply.

RTE technicians carry out dangerous repairs on a very high voltage line damaged by lightning at an altitude of 2,000 meters, on the cliffs of Sixt-Fer-à-Cheval in Haute-Savoie.

TotalEnergies has validated the investment for the complete development of the Absheron gas field in Azerbaijan. With its partners Socar and XRG, the group plans production of 6 billion m3 per year by 2029 to supply Azerbaijan and Europe.

The Flamanville EPR, the latest French reactor, will be shut down for a period of one year from September 26 in order to replace its cover, marking a new development for this installation.

The Flamanville EPR will be shut down from September 26, 2026 for a complete regulatory inspection including 20,000 control operations and the replacement of the defective reactor cover, a part forged in Le Creusot weighing nearly 100 tonnes. This operation involves 2,500 people and 200 companies, 40% of which are local, as part of a project marked by 12 years of delay and a final cost of 13 billion euros.