Macron to convene G7 to discuss releasing oil reserves

French President Emmanuel Macron will convene an emergency G7 summit to discuss a coordinated release of strategic oil reserves similar to the one carried out in March. The meeting will bring together the leaders of the United States, Germany, Japan, the United Kingdom, France, Italy and Canada.

The central purpose of the meeting is to avoid unnecessary tensions between the Western powers and the rest of the oil-producing nations in a scenario of high energy volatility, according to information published by El Nacional. Strategic reserves act as a state backstop to cushion sudden shocks in global crude supply.

This pressure on energy markets coincides with an international financial environment marked by tighter credit. According to France 24, on September 19, 2026, inflationary pressures led the Federal Reserve to raise its interest rate for the first time in three years, a restrictive trend that is spreading to other economies.

Meanwhile, the oil market is experiencing movements linked to the reconfiguration of supplies and geopolitical tensions. According to data published by Infobae on September 18, 2026, Brent crude remains above $100 a barrel due to the conflict in the Middle East, while in US stock markets the yield on the 10-year Treasury note is hovering near 5%.

In the regional sphere, these global dynamics intersect with large-scale agreements in Latin America. As El Nacional detailed in an earlier report published on September 1, 2026, the White House unveiled an understanding that provides for control over more than 65 billion barrels of reserves in Venezuela, 100-year concessions to the firm NABEP, and a fiscal benefit of $200 billion for the Venezuelan state.