French President Emmanuel Macron is weighing the release of strategic oil reserves as fuel shortages spread across the country. More than 11% of French service stations have run out of at least one fuel type, and Macron wants a G7 meeting to coordinate a broader response.
Macron announced on September 18 that France is considering tapping its strategic energy reserves, pushing for a G7 meeting on coordinated action as fuel shortages hit stations nationwide. The shortage comes amid rising fuel prices and ongoing tensions in the Middle East, with over 11% of French service stations currently out of at least one type of fuel.
What Macron wants from the G7
Macron's statement outlined a G7 agenda that goes beyond releasing the strategic petroleum reserve. It also covers enhancing European gas storage capacity, supporting refinery operations, and protecting energy infrastructure from hybrid threats like cyberattacks.
This would not be the first coordinated release this year. In March 2026, G7 members partnered with the International Energy Agency to release up to 400 million barrels of strategic oil, with France contributing roughly 14.5 million barrels. That release aimed to stabilize markets after conflicts disrupted shipping through the Strait of Hormuz, a route that carries roughly a fifth of the world's petroleum daily.
France's reserve cushion
France holds between 15 and 17 million tonnes of strategic oil reserves, managed by Sagess, the entity that has run the country's emergency petroleum stockpiles since 1988. That stockpile covers approximately 118 days of net imports — well above the 90-day cushion the US Strategic Petroleum Reserve has historically targeted. As a result, Macron has more room to maneuver than leaders in countries with thinner reserves.
Consumers feel the squeeze
With over 11% of stations short on fuel, French households and businesses are already absorbing the cost. Diesel and petrol prices have been climbing, adding pressure on road-transport-dependent businesses. Macron's emphasis on defending energy infrastructure from cyberattacks signals that officials view digital security as part of the same energy-security problem as physical supply.
Energy investors are watching for policy signals, since Macron's focus on refinery capacity and gas storage suggests government spending may increasingly target infrastructure resilience. If the G7 authorizes another coordinated release, it would follow March's 400-million-barrel action and raise questions about how fast reserves are being drawn down amid continued geopolitical disruption.
Source: Crypto Briefing
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