France calls G7 summit to discuss oil reserve release amid escalating energy crisis

French President Emmanuel Macron is convening a G7 meeting focused squarely on energy, with the aim of getting the world’s wealthiest democracies to coordinate another release of strategic oil reserves. The announcement, made on September 18, 2026, comes as crude prices remain stubbornly elevated thanks to a cocktail of geopolitical crises that refuse to simmer down. France holds the G7 presidency this year, having already hosted a leaders’ summit in Évian-les-Bains back in June. Now Macron is using that chair to push energy security back to the top of the agenda, signaling that the situation has deteriorated enough to warrant a dedicated sit-down among the group’s energy and finance officials. The backdrop: why another reserve release is on the table The global energy market has been under persistent strain from overlapping conflicts. The war in Ukraine continues to distort European energy flows, while tensions in the Middle East involving Iran have introduced fresh supply anxiety. Russia’s posture remains a wildcard for global oil markets. This isn’t the first time G7 nations have reached for the strategic reserve lever. In March 2026, members of the International Energy Agency e...