The President of France, Emmanuel Macron, announced on Friday that he will soon hold a G7 meeting to discuss the rise in global energy prices and the release of strategic oil reserves.
Holding the G7 Meeting
Macron said at a press conference: "In the coming weeks, we will hold a G7 meeting dedicated to energy issues, to enhance cooperation and prevent unnecessary tensions between G7 countries and our key partners." These remarks were made following a rare crisis meeting at the Élysée Palace.
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Threats from Wars
During this meeting, French intelligence chiefs briefed political leaders and candidates for next year's presidential election about the threats posed by Russia's war in Ukraine and conflicts in the Middle East. Macron emphasized that "the situation we are facing is serious, and due to the international situation and the consequences of wars, we must remain united."
Given France's unfavorable financial outlook, the government is seeking to implement a budget cut of 54 billion euros next year, which will make it difficult for the government to broadly subsidize rising energy costs. However, Macron stated that the government is working on targeted assistance proposals.
Securing Energy Resources
Macron also mentioned that he is working to strengthen France's access to oil and gas resources in recent meetings with leaders from Saudi Arabia, Iraq, Qatar, and the United Arab Emirates. He will also discuss France's trade in oil products and liquefied natural gas with Canadian Prime Minister Mark Carney.
The President of France pointed to increased efforts to protect critical infrastructure and defense production sites in light of rising cyberattacks and hybrid threats from Russia, warning that Russia is planning to target Ukraine's European allies.
During this meeting, politicians spoke seriously about the issues raised. Guillaume Lacroix, the head of a leftist party, stated that "the dangers of the three-hour meeting left him dizzy."
However, Macron's critics pointed out that he did not present solutions to reduce energy prices during this meeting.
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