French President Emmanuel Macron has suggested that 20% to 30% of strategic oil reserves could be released if needed to help contain soaring energy costs as the Iran war rattles global markets. France, which currently holds the rotating G7 presidency, has called an emergency meeting of G7 finance ministers with the head of the International Energy Agency (IEA) to discuss the fallout for oil and energy supplies. 

Macron said releasing reserves could be one of the tools considered by IEA member states, which coordinate emergency stock releases during major supply disruptions. The IEA says such collective actions are designed to cushion sudden shocks to global oil markets by putting additional supply into the system on a short-term basis.  

French President Emmanuel Macron has suggested that 20% to 30% of strategic oil reserves could be released if needed to help contain soaring energy costs as the Iran war rattles global markets. France, which currently holds the rotating G7 presidency, has called an emergency meeting of G7 finance ministers with the head of the International Energy Agency (IEA) to discuss the fallout for oil and energy supplies. 

Macron said releasing reserves could be one of the tools considered by IEA member states, which coordinate emergency stock releases during major supply disruptions. The IEA says such collective actions are designed to cushion sudden shocks to global oil markets by putting additional supply into the system on a short-term basis.