EXCLUSIVE: France Suggests Possible Extra Oil Stockpile Release

Tokyo, April 1 (Jiji Press)–French economy and finance minister Roland Lescure on Wednesday called for considering an additional release of oil reserves, given elevated oil prices reflecting the Middle East tensions. In an interview with Jiji Press in Tokyo, Lescure said that related countries need to start thinking about the next stage, hinting at the possibility of an additional release if supply concerns persist. In March, the 32 member countries of the International Energy Agency agreed to release a total of 400 million barrels of reserves in a coordinated effort. Lescure welcomed the agreement, saying that the release is unprecedented in scale. The next step must be in line with the conflict situation and market developments, and it needs to be done at the right time, he added. Whether to carry out an additional release requires careful consideration, he said, pointing to the need to pay attention to speculative moves. Lescure also said it is necessary to cooperate with partner countries in stabilizing supplies as the Group of Seven industrialized nations have done within their framework. This year, France holds the G-7 presidency. France hopes to work with Japan to ease tensions through diplomatic efforts to eventually reopen the Strait of Hormuz, which is effectively closed by Iran following U.S. and Israeli attacks against the Islamic country. Regarding long-term collaboration between France and Japan, he expressed a wish to continue their cooperation in fields such as nuclear power generation, batteries and green energy, in order to strengthen energy independence of both countries. END [Copyright The Jiji Press, Ltd.]