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French President Emmanuel Macron has announced plans to convene a G7 energy meeting in the coming weeks.
Macron said on Friday that the talks would strengthen cooperation among G7 countries and help address energy challenges.
“In the coming weeks, we will have a G7 meeting devoted to these energy issues,” Macron said.
The meeting will focus on rising fuel prices following the US-Iran war. He said the meeting would also help “avoid unnecessary tensions” between G7 members and their key partners. Macron added that leaders could discuss releasing strategic energy reserves.
The announcement came after Macron met with presidential hopefuls and party leaders ahead of next spring’s elections.
Macron cannot seek another term after serving the maximum two terms allowed under France’s constitution.
Meanwhile, crude oil prices have risen by about 20 per cent this month.
The increase has followed the continuing US-Iran conflict and disruptions to energy supplies. Saudi Arabia has also shut a key pipeline while fighting Houthi fighters in Yemen.
Rising fuel prices have added pressure on France’s economy ahead of the election.
The government is trying to contain growing public anger over the rising cost of living. Macron said the price surge was not caused by government decisions.
“The surge in prices was not the result of government decisions,” he said.
“It is a consequence of the geopolitical situation,” Macron added.
He said existing support measures would be reviewed and adjusted to provide more help to the public. However, Macron warned against spending heavily without addressing the crisis’s causes.
“Before spending vast sums of money, which is taxpayers’ money and would ultimately translate either into a higher deficit or higher taxes, we must above all remain focused on addressing the root causes,” he said.
