French Finance Minister Bruno Le Maire stated that governments cannot decide whether to further release oil reserves to alleviate the crisis without being able to predict the duration of the conflict in Iran.
Earlier this week, France hosted G7 finance ministers in Paris, with attendees including U.S. Treasury Secretary Scott Bessent. When asked whether a second round of strategic petroleum reserve releases had been discussed, Le Maire told British media that the issue was not on the meeting's agenda.
In an interview, Le Maire said, "At this stage, we cannot use our limited oil reserves without clarity on the duration and intensity of the conflict." He added that even if the Strait of Hormuz resumes navigation, it would take weeks for crude oil to reach regions such as Europe and Asia, making it crucial to determine the timeline for supply restoration.
He indicated that only when the timing is right would it be appropriate to consider releasing reserve oil to ensure a smooth transition in supply, and currently, such conditions are not yet in place.
In March of this year, the 32 member countries of the International Energy Agency collectively released 400 million barrels of crude oil and refined products to mitigate supply shortages caused by the war. This move lowered oil prices and stabilized market volatility, but these reserve stocks are expected to be depleted within the coming weeks.
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