Macron Calls for Another Emergency Oil Release as Europe Loses Supply

French President Emmanuel Macron said he will bring G7 countries back together in the coming weeks to coordinate emergency oil stock levels, exports and production capacity, and to consider releasing strategic reserves as Europe faces tightening fuel supplies. Macron framed the move as part of France’s broader effort to secure diesel, jet fuel and natural gas for the months ahead. European markets are under particular pressure from diesel shortages. The region’s diesel benchmark climbed to more than $200 per barrel this week, and when taxes are added the retail-equivalent price exceeds $300 per barrel. Contributing factors include Russian restrictions on diesel exports and continued constraints on Middle Eastern product shipments. Complicating the situation, Saudi Aramco informed at least two European refiners they will receive no crude under term contracts in October after an attack damaged the East-West pipeline. Aramco is reportedly restoring partial pipeline capacity within days but expects full recovery to take roughly six weeks. The company has also rerouted about 60 million barrels by shipping through the Persian Gulf and conducting ship-to-ship transfers near Oman, with most of that volume destined for Asian refiners. Europe is sourcing replacement crude from the North Sea and other areas. Any fresh coordinated release by the G7 could deliver physical barrels—and importantly finished fuels—into Europe more quickly than measures focused solely on crude. But such action would not fix physical disruptions like the damaged Saudi pipeline, shut Russian refineries, or blocked shipping corridors such as the Strait of Hormuz. International Energy Agency members have already released more than 300 million barrels of emergency stocks since March, and global observed inventories remain about 507 million barrels below levels at the war’s start after an average draw of 2.8 million barrels per day over the past six months.