France: The course of the war must be clear before using oil reserves

France stressed that countries need greater clarity about developments in the war before resorting to using their oil reserves.

The Financial Times quoted the French Finance Minister as saying: Governments cannot take a decision on releasing more oil reserves to calm the crisis resulting from the war with Iran, before knowing how long the conflict may last.

When asked whether talks had begun on releasing a second batch of strategic oil reserves, Roland Lescure told the Financial Times that this issue was not on the table when he hosted G7 finance ministers, including US Treasury Secretary Scott Besent, in Paris earlier this week.

Lescure added: “We cannot release stocks – which are by nature limited – without a clear vision of the duration and intensity of the conflict at this stage.”

He pointed out that even if the Strait of Hormuz is reopened, it will take several weeks for oil supplies to reach Europe, Asia, and other regions, stressing that clarity on the timing of the resumption of these flows will be a decisive factor.

He continued: “This will be the kind of moment when it becomes logical to consider releasing reserves to ensure the transition from the current stage to the next stage. But the conditions are not yet complete.”