Paris: Strategic oil reserves around the world could help stabilize markets if supply disruptions persist in the Middle East, France’s economy minister said Wednesday, as G7 leaders prepare to discuss the issue amid rising fuel prices.

According to Anadolu Agency, more than $1 billion worth of strategic oil reserves exist globally and could be mobilized if necessary, Roland Lescure said in an interview with BFM TV and RMC. Lescure emphasized that if the Strait of Hormuz cannot be reopened immediately, alternative oil sources would be circulated globally to compensate for the disruption, stressing the need for international coordination.

Lescure pointed out that these strategic reserves are not limitless, and emphasized the importance of a coordinated global response. His comments come amidst ongoing tensions in the Middle East that are affecting global energy markets.

As the conflict involving Iran reached its 12th day, France experienced a surge in fuel prices, with gasoline rising by about 15 cents per liter and diesel increasing by nearly 30 cents. Lescure noted that France currently has strategic oil reserves covering 108 days of imports. He detailed that slightly more than 90 days of these reserves are managed by a public operator, while private operators hold about 18 days’ worth of reserves.

Lescure also mentioned that the issue of strategic oil reserves will likely be discussed by leaders of the G7, who are meeting at Emmanuel Macron’s request to address the Middle East conflict and its economic impact. This follows a meeting of G7 energy ministers in Paris, who declared their readiness to take all necessary measures, in coordination with the International Energy Agency, to ensure market stability, including the possible release of strategic oil reserves.