The president of France, Emmanuel Macron, announced this Friday that he will convene in the coming weeks a G7 meeting focused on the energy crisis, in which a new coordinated release of strategic oil reserves will be studied in light of the disruptions that the supply continues to suffer due to the Strait of Hormuz.
France, which holds the presidency of the G7 this year, intends to use the meeting to strengthen coordination among the main industrialized economies and study new measures to stabilize energy markets. Among the options proposed by Macron is to resort again to the coordinated strategic reserves through the International Energy Agency (IEA).
The announcement comes six months after the IEA authorized a coordinated release of 400 million barrels to respond to the initial impact of the conflict with Iran. Macron himself recalled in March that that operation was part of a coordinated G7 response to the escalation of prices and supply problems.
"This war France did not choose," said the French president, who insisted that his country is not participating in the conflict between the United States and Iran, but is indeed suffering its economic consequences.
Hormuz again puts pressure on oil supply
The main cause for concern for Paris is the situation in Hormuz, one of the fundamental arteries of the global energy market. Traffic continues to be well below its usual levels: this Thursday only four cargo ships crossed the strait, compared to an average of 16 during the previous ten days, according to preliminary data from Kpler collected by Reuters.
The situation has also been complicated by disruptions in other routes in the Middle East. Attacks on the Saudi East-West pipeline have affected exports from Yanbu, in the Red Sea, while tensions with the Houthis in Yemen keep regional transit under pressure. This Friday, Brent was trading around 104 dollars per barrel, in a market conditioned by doubts about Saudi capacity and the evolution of the conflict.
Saudi Arabia is resorting, at the same time, to alternative ways to maintain part of its exports. Saudi Aramco expects to mobilize around 60 million barrels during September and October from Ras Tanura through transfer operations off Oman, according to trade sources cited by Reuters.
The vulnerability of these routes had already led the G7 to commit in June to diversify energy supply routes and increase reserves, precisely to reduce international dependence on the Strait of Hormuz.
Macron will discuss gas reserves with Von der Leyen
The French concern also extends to gas and the preparation for the upcoming winter. Macron has announced that he plans to address this Friday with the President of the European Commission, Ursula von der Leyen, the situation of European storage and possible measures to contain prices.
The French president claims that France currently has the planned storage levels and is confident of being able to complete the necessary reserves to face the winter.
Energy has also become an internal political problem for the Élysée. Macron made the announcement after meeting behind closed doors with leaders of the main French parties and candidates for the 2027 presidential elections, in a meeting dedicated to the geopolitical situation and its consequences on fuel prices.
France prepares a plan against Russia's hybrid threats
Macron has taken advantage of his appearance to issue another warning, this time about Russia. The French president claims that Moscow has intensified actions against European interests in recent weeks and considers that the nature of the threats against Europe "has changed".
Among the episodes mentioned by the president are incidents with drones, incursions into European airspaces, and other actions that Paris frames within the so-called hybrid threats.
In light of this scenario, Macron has tasked the government with preparing a plan to protect critical infrastructures and the most vulnerable points of the French industrial and technological base, with special attention to possible drone attacks and cyberattacks.
"The intention behind these attacks is to intimidate us and undermine efforts to support the Ukrainians. The consequence will be the opposite," Macron has stated, according to the statement released this Friday.