The French President of the Republic convened a videoconference with G7 leaders on the global energy situation on Friday, October 2, 2026.
In light of the global rise in fuel prices, linked to the situation in the Middle East, our response must be coordinated.
The President of the Republic had announced a few days ago that France, as the G7 presidency, would convene the G7 heads of state and government to take coordinated action on the energy issue, in order to ease the pressure on prices at the pump.
The G7 leaders thus met today via videoconference, with the Executive Director of the International Energy Agency also participating.
They unanimously decided:
- To continue, in a coordinated manner, their efforts to restore full freedom of navigation in the Strait of Hormuz. The volume of oil transported through the Strait of Hormuz and the Yanbu Canal in the Red Sea has been increasing in recent days.
- To optimize our energy production to operate our refineries at maximum capacity. This was the purpose of the letter that the President of the Republic sent to the President of the European Commission: initial measures have been decided at the European level, and others will follow.
- To release strategic reserves of refined products, particularly diesel and crude oil, up to 100 million barrels over the next four months, under the coordination of the International Energy Agency.
- To impose no bans or restrictions on energy exports among G7 members, as protectionist measures would be harmful to all.
This unity within the G7 sends a clear signal to the markets to bring down energy prices.
The President and French government will make sure that this decline in prices on global markets is reflected in prices at the pump for all our fellow citizens.
Watch the statement:
G7 Leaders’ Statement on global energy security and market stability.
