Macron to discuss energy market measures with G7 leaders
French President Emmanuel Macron is preparing to hold consultations with his G7 counterparts to discuss measures concerning global crude oil and refined product markets, the Élysée Palace announced on Friday. This comes after discussing the matter in a phone call with US President Donald Trump, according to Reuters. Macron stressed, according to the Élysée, the need for G7 countries to cooperate to address rising fuel prices and ensure supplies of refined products without imposing export restrictions. A source said on Friday that France has asked its European Union partners to withdraw additional quantities of diesel stocks, responding to US pressure on European nations to put more supplies on the market in an attempt to lower soaring fuel prices. EU countries held a meeting on Friday to try to formulate a unified response to rising diesel prices amid pressure from Washington accusing the bloc of not doing enough in this regard. That scheduled emergency meeting before noon between the European Commission and member states was explained by a Commission spokeswoman on Thursday evening, noting that Brussels is looking for a way to tackle rising fuel prices. Diesel prices at European stations hit a new record level with the weekly average reaching 2.24 euros per liter, an increase of one cent from the record set the previous week, according to a compilation of national data published by the European Commission on Thursday. Washington believes that EU countries should release quantities of their diesel reserves to support the market. US Treasury Secretary Scott Bessent wrote on Thursday on the X platform that our European partners must rush to fulfill their existing commitments and immediately provide additional supplies to address ongoing disruptions. For his part, US Energy Minister Chris Wright told Fox News that Europe can also contribute to improving the situation, considering that the time has come for a coordinated operation to release quantities of diesel stocks into the market as winter approaches. President Donald Trump was more urgent, saying Thursday during a visit to Texas that Washington might ask its European allies to draw from their strategic diesel reserves.
