French President Emmanuel Macron has announced plans to convene a meeting of the Group of Seven countries to address the sharp rise in global energy prices and consider the use of strategic oil reserves.
He said the meeting would take place in the coming weeks to strengthen co-operation and avoid tensions between partners, Politico reports.
Macron also warned that there is no quick solution to bring down fuel prices and resolve the wars in Ukraine and the Middle East.
The French leader’s statement was preceded by a closed-door crisis meeting at the Élysée Palace. During the meeting, intelligence chiefs briefed politicians and presidential candidates on the threats posed by Russia’s war against Ukraine and the conflict in the Middle East, which are pushing fuel prices in France to new record highs.
Because of the difficult financial situation and plans to cut the budget by €54 billion next year, France will not be able to subsidise citizens on a large scale. However, the government is already developing targeted support programmes. In addition, Macron is seeking to secure oil and gas supplies through talks with the leaders of Saudi Arabia, Iraq, Qatar and the UAE, and plans to discuss trade in petroleum products and liquefied gas with Canada’s Prime Minister Mark Carney.
France is also strengthening the protection of critical infrastructure and defence companies amid a wave of cyberattacks and a growing threat of Russian hybrid strikes.