War in the Middle East: Roland Lescure believes that we must “keep ammunition” on oil

Faced with a war in the Middle East that is likely to last, French Economy Minister Roland Lescure said on Wednesday that Europe and the G7 must “keep ammunition” with their strategic oil reserves.

“We are preparing for these scenarios”

Roland Lescure was questioned on the American channel CNBC Europe about the possibility of a long-term disruption in the transport of hydrocarbons imported from the Middle East.

“What we need to make sure is that we prepare for these scenarios. We follow them, we push them, and make sure we react accordingly, not too quickly, not too forcefully either, because, you know, we must keep ammunition in the face of other potential shocks,” he replied.

As for the possibility of a war that would be “intense, but ephemeral”, “this scenario is probably gone”, he estimated.

Asked about the possibility of a new use of strategic reserves, as decided by the G7 on March 11, Roland Lescure replied: “We are not there yet.”

“We know that the only way to free the oil market is to see oil pass through the Strait of Hormuz. We cannot replace flows with stocks. This is a one-off measure,” the minister underlined.

“We have no shortage of oil in Europe. There is no shortage of oil in North America. But the pressure this imposed brought oil to around $100 a barrel,” he noted.