French President Emmanuel Macron said Friday that Group of Seven leaders will meet in the coming weeks to coordinate their response to the energy crisis and consider another release from strategic oil reserves as Middle East disruptions continue to pressure global supply.
The proposal comes after renewed disruption to Saudi oil infrastructure and persistent risks around key regional shipping routes. Brent crude traded above $104 a barrel Friday after approaching $110 earlier in the week, keeping energy costs and inflation firmly in focus for investors and policymakers.
Any new reserve action would follow the unprecedented 400-million-barrel emergency release agreed by International Energy Agency members in March. The IEA said that intervention was designed to offset disruptions stemming from the Middle East conflict; at the time, flows through the Strait of Hormuz had fallen below 10% of pre-conflict levels.
Macron said the coming G7 discussions would examine stronger coordination on stockpiles, exports and production capacity. No additional release has yet been agreed, making the meeting a policy option rather than a confirmed supply intervention.
For markets, the central question is whether coordinated government barrels can contain another oil-price surge without materially weakening emergency inventories. The answer could influence inflation expectations, bond yields and the increasingly restrictive path being taken by major central banks.
