Macron Seeks Another Emergency Oil Release Amid European Supply Crunch

French President Emmanuel Macron is calling for another emergency oil release as Europe faces a severe supply crunch. The G7 countries will reconvene to discuss coordinated action, including tapping strategic reserves and managing stock levels, exports, and production capacity.

The move comes as Saudi Arabia announced it would no longer deliver crude oil to at least two European refiners under term contracts in October, following an attack on its East-West pipeline. The company aims to restore partial pipeline capacity within days, but full recovery may take six weeks.

Europe's diesel benchmark has risen above $200 per barrel this week, with taxes pushing retail-equivalent costs over $300. Russia has extended restrictions on diesel exports, and Middle Eastern product exports are still constrained.