Macron announces that the G7 will initiate the release of strategic oil reserves to stabilize oil prices

China News Service, Paris, October 2 (Reporter Li Yang) French President Macron said on the 2nd local time that the G7 members and their partners will immediately start releasing up to 100 million barrels of strategic oil reserves within four months.

Macron chaired a video conference with leaders of the Group of Seven that day to discuss issues related to releasing strategic oil reserves and stabilizing international oil prices. The G7 includes the United States, France, Germany, the United Kingdom, Italy, Japan and Canada. France currently holds the rotating presidency of the G7.

After the meeting, Macron said through social media that relevant parties at the meeting agreed to take coordinated actions to help reduce the price of petroleum products, especially diesel prices. He said that the G7 members and their partners will immediately start to release up to 100 million barrels of strategic oil reserves in the next four months under the coordination of the International Energy Agency.

French officials issued a statement from the leaders of the Group of Seven on global energy security and market stability that day. The statement said it "agreed to take decisive and coordinated measures to stabilize current energy supplies," protect households and businesses from price shocks and strengthen the long-term resilience of the global energy system.

The statement reaffirmed its commitment not to impose export restrictions on energy and energy products among G7 members. The statement also stated that the International Energy Agency will be invited to monitor the impact of relevant measures on energy security and market stability.

The statement also called for the immediate and full restoration of traffic in the Strait of Hormuz and resolved to make more collective efforts to this end. The statement also stated that relevant sanctions against Russia will be maintained.

French public opinion pointed out that Europe's dependence on U.S. diesel has increased significantly due to the Russian oil product embargo and conflicts in the Middle East that have disrupted oil supplies in the region. Macron revealed last month that France consumes about 600,000 barrels of diesel per day, about half of which relies on imports. He said France was doing everything it could to avoid fuel shortages. (over)