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France will release 10 million barrels of diesel from its strategic reserves as the government moves to ease tight fuel supplies and rising energy prices driven by the wars in Iran and Ukraine, Prime Minister Sebastien Lecornu said Wednesday.
The emergency diesel release forms part of a coordinated effort by Group of Seven nations to stabilize energy markets as geopolitical tensions continue to disrupt global fuel supplies and push prices higher.
Lecornu said President Emmanuel Macron convened an emergency G7 meeting on Friday, during which member countries agreed to mobilize strategic energy reserves in a coordinated manner. The measure is intended to increase available supplies and provide some relief to consumers facing higher fuel costs.
Under the French government's plan, the 10 million barrels of diesel will be released from the country's strategic stocks and made available to domestic fuel distributors. The additional supply is expected to reach the French market as authorities seek to prevent shortages and curb further price increases.
Lecornu estimated that releasing the emergency diesel reserves could reduce prices at fuel pumps by between 0.12 euros and 0.18 euros per liter. The potential decline would provide relief for motorists and businesses that have faced increased transportation and energy expenses.
Energy markets have been under pressure as conflicts in Iran and Ukraine raise concerns about disruptions to global oil and refined fuel supplies. Diesel markets are particularly sensitive to supply constraints because of the fuel's widespread use in transportation, agriculture and industry.
France's decision highlights growing efforts among major economies to use strategic reserves to limit the economic impact of geopolitical disruptions. Coordinated stock releases can temporarily boost market supply and help moderate sharp price increases, although their longer-term effect depends on global production and demand conditions.
The French government has not provided further details on the precise timetable for distributing the full 10 million barrels. The release will nevertheless add to the broader G7 effort to address tightening energy supplies and elevated fuel prices.
