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War in Iran, G7 meeting: We will use strategic oil reserves
2026-03-11 23:37:38 / BOTA
French President Emmanuel Macron chaired a meeting with leaders of the Group of Seven major industrialized nations after the International Energy Agency announced the release of 400 million barrels of oil, the largest intervention in history, in an effort to stem soaring crude prices amid the US-Israeli war with Iran. The nuclear agency said the release had been unanimously agreed by 32 member states, with a deadline to be determined in due course.
" We have decided, within the framework of the International Energy Agency and about thirty of its member countries, to release up to 400 million barrels, which is equivalent to approximately 14.5 million barrels of French strategic reserves. This is the maximum. We will do this in stages, depending on market developments, in coordination with our main partners. We still have many more reserves, but this is a significant intervention in the market ," said French President Emmanuel Macron.
The G7 and the International Energy Agency are signaling a major use of oil from strategic reserves to combat high prices. Macron also added that Iran has caused significant damage.
" What is clear is that today clear military and political objectives must be defined for this conflict. Considerable damage has already been done to Iran's ballistic and military capabilities. However, Iran continues to attack several countries in the region. Therefore, these capabilities have not become ineffective and at the same time, some groups linked to Iran continue to operate. I am thinking in particular of what is happening in Iraq and Lebanon. Therefore, it will be up to the President of the United States to clarify both his final objectives and the pace he wants to set for the operations ," Macron said.
US President Donald Trump praised the "tremendous impact" of the decisions taken by G7 leaders on Wednesday. "I think we have a tremendous, actually incredible, impact on the world," Trump said, after being given the floor by French President Emmanuel Macron, who chaired the G7 meeting.
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