Governments cannot decide whether to release more oil reserves to calm the crisis caused by the Iran war until they know how long the conflict is likely to last, said France’s finance minister.
Asked whether talks over a second release of strategic oil reserves had begun, Roland Lescure told the FT that the issue was not on the table when he hosted finance ministers from G7 nations, including US Treasury secretary Scott Bessent, in Paris earlier this week.
“We cannot release stocks — which are by nature finite — without having visibility on the duration and intensity of the conflict at this stage,” Lescure said in an interview. Even once the Strait of Hormuz does open, it will take several weeks for oil supplies to reach Europe, Asia and other regions, so visibility on the timing of when those flows will restart will be key, he added.