Macron to convene G7 energy meeting as oil prices stay above $100
&imwidth=600&imheight=450&format=webp&quality=medium "Macron to convene G7 energy meeting as oil prices stay above $100")
France's President Emmanuel Macron. Photograph: (AFP)
French President Emmanuel Macron announced a G7 energy meeting in the coming weeks as crude prices remain above $100 per barrel amid the US-Iran war and rising Middle East tensions.
French President Emmanuel Macron on Friday said the G7 would hold a dedicated meeting on energy in the coming weeks as fuel prices continue to rise amid the US-Iran war.
“In the coming weeks, we will have a G7 meeting devoted to these energy issues, both to strengthen cooperation and to avoid unnecessary tensions between the G7 countries and our main partners,” Macron said.
He added that the meeting would also provide an opportunity “to consider options for a possible release or unlocking of strategic reserves”.
Macron announced bringing together presidential hopefuls and party leaders ahead of next spring’s elections. He will not be able to contest the election after serving the maximum two terms.
Crude prices have risen around 20 per cent this month as the United States and Iran remain at loggerheads. Saudi Arabia has also been forced to shut a key pipeline while fighting Houthi fighters in Yemen.
Crude oil prices have remained above $100 per barrel as the escalating situation in the Middle East continues to create risks for oil supplies and transport. Drone strikes led to the closure of Saudi Arabia’s East-West crude pipeline, while security threats have affected tanker traffic in the Strait of Hormuz and the Bab al-Mandab Strait.
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Both waterways are important routes for global seaborne crude, adding to pressure on the oil market.
Macron promises review of support measures
The latest rise in energy prices comes seven months before France’s election, with the country’s economic situation also worsening. The government has been seeking to prevent further social discontent as voters increasingly raise concerns over the cost of living.
Macron rejected the suggestion that the price increase was caused by government decisions.
“The surge in prices was 'not the result of government decisions", said Macron.
“It is a consequence of the geopolitical situation,” he said, adding that existing support measures would be “reviewed” and “adjusted” to provide greater help to the public.
Macron also warned against using large amounts of taxpayers’ money without addressing the reasons behind the price surge.
“Before spending vast sums of money, which is taxpayers' money and would ultimately translate either into a higher deficit or higher taxes, we must above all remain focused on addressing the root causes.”
