Macron Says Will Convene G7 Meeting On Energy Crisis; Strategic Reserves On The Table

French President Emmanuel Macron has called for a meeting of G7 leaders to discuss the escalating energy crisis, with the release of strategic reserves among the options under consideration as geopolitical tensions threaten global oil supplies.

Macron made the announcement on Friday, September 18, after convening political party leaders at the Élysée Palace for talks on the deteriorating international situation and its implications for France's security and energy supply.

The meeting was attended by leaders of parliamentary parties, relevant 2027 presidential candidates, Prime Minister Sébastien Lecornu, military officials and intelligence chiefs. Discussions focused on the conflicts in the Middle East and Ukraine, and their potential economic consequences.

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France is facing mounting pressure on fuel prices and energy supplies amid concerns over disruptions to shipping routes and oil infrastructure linked to the Middle East crisis. 

Macron has described petrol prices as “unbearable” and said France is working with international partners to secure supplies and ease the burden on motorists.

The proposed G7 discussions are expected to centre on energy security, supply stability and measures to contain the economic fallout from the crisis. 

Any decision to release strategic reserves would depend on the scale and duration of supply disruptions.

The latest market uncertainty has been compounded by security risks around Yemen's Bab el-Mandeb Strait, a key maritime chokepoint connecting the Red Sea with the Gulf of Aden.

Reports cited in the supplied material say Iran-backed Houthi rebels have expanded their control over strategic areas along Yemen's Red Sea coast, including Mokha and nearby islands, raising concerns over commercial shipping and energy transportation.

Meanwhile, an attack on Saudi Arabia's East-West oil pipeline has disrupted flows towards the Red Sea port of Yanbu, adding to fears of tighter crude supplies.

The Bab el-Mandeb route is important for global energy trade as it links the Red Sea and Suez Canal with the Indian Ocean. 

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Rerouting vessels around the Cape of Good Hope can increase shipping times and costs.

Brent crude was trading above $100 a barrel on Friday amid the uncertainty, although prices eased as concerns over prolonged supply disruptions moderated.

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