Arab News | France to convene G7 energy summit amid soaring fuel prices

PARIS: President Emmanuel Macron said Friday that France would convene a G7 meeting dedicated to energy in the weeks to come as fuel prices soar 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.

It would also be an opportunity “to consider options for a possible release or unlocking of strategic reserves,” he added.

Macron spoke after convening leaders for a meeting with presidential hopefuls and party leaders ahead of next spring’s elections in which he cannot stand, having served the maximum two terms.

Crude prices have spiked around 20 percent this month as the United States and Iran remain at loggerheads and Saudi Arabia was forced to shut a key pipeline as it battles Houthi fighters in Yemen.

With the election seven months away and France’s economic situation worsening, the government has sought to keep social discontent in check as voters increasingly complain about the cost of living.

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 support measures already in place would be “reviewed” and “adjusted” to better help the public.

“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.”