Macron Urges G7 to Discuss Additional Strategic Oil Reserves Release

French President Emmanuel Macron has urged the G7 to discuss the release of additional strategic oil reserves in response to Europe's crude oil supply disruption and rising diesel prices. The Elysée Palace announced that Macron will propose holding an energy-focused G7 meeting within the next few weeks to discuss the possibility of releasing reserves and cooperation on exports and production among member states. Macron also pledged close collaboration with the International Energy Agency.

S&P Global reported that the spot price for European Northwest 10ppm diesel reached $1,642.25 per ton (approximately 2.27 million won) on May 15, marking a record high since the index began tracking. The report cited temporary closures of Saudi Arabia's East-West oil pipelines as causing some cancellations or delays in Saudi crude deliveries to Europe.