Macron Calls To Avoid Oil, Gas Export Restrictions Amid West Asia Conflict

PARIS, March 12 (Bernama-Xinhua) -- French President Emmanuel Macron called for avoiding any export restrictions on oil and gas at the Group of Seven (G7) leaders' videoconference on Wednesday, reported Xinhua.

The leaders met via videoconference to discuss the economic consequences of the conflict between the United States, Israel and Iran, notably the surging crude prices and possible measures to mitigate its impact, according to the Elysee Palace.

At the opening of the videoconference, Macron called on other countries to "refrain from imposing any restrictions on oil and gas exports" that could destabilise markets.

After the conference, Macron said that France would release 14.5 million barrels of oil from its strategic reserves as the International Energy Agency (IEA) members had agreed earlier in the day to release 400 million barrels from their emergency reserves to the market.

He noted the release would be carried out in stages, depending on market developments and in coordination with key partners.

Despite energy pressures linked to transit disruptions in the Strait of Hormuz, Macron said the G7 bloc agreed the situation "in no way justifies lifting sanctions" on, and the group cannot change its position toward Russia while supporting Ukraine.

The 32 member countries of the IEA on Wednesday unanimously agreed to make available to the market 400 million barrels of oil from their emergency reserves, the largest such move in IEA history, Executive Director Fatih Birol said at a press conference.

The release would take place over a timeframe appropriate to the national circumstances of each member country, he added.

The conflict in the West Asia has impeded oil flows through the Strait of Hormuz, with export volumes of crude and refined products currently falling to less than 10 per cent of pre-conflict levels, according to the IEA.

--BERNAMA-XINHUA