French President Emmanuel Macron has called on Brussels to take emergency measures to increase Europe’s supply of oil and jet fuel, warning that a prolonged closure of the Strait of Hormuz and renewed attacks on energy infrastructure in the Middle East could put further pressure on global oil markets.
According to a letter seen by Euronews, Macron said the oil market has so far remained relatively supplied thanks to higher refinery output, weaker demand in Asia and the drawdown of existing inventories.
However, he warned that these buffers are rapidly being depleted. As of 9 a.m. on September 22, around 14% of petrol stations in France were experiencing shortages or near-shortages, according to French government data.
“In recent weeks, international supply has deteriorated again,” Macron wrote in a September 18 letter to European Commission President Ursula von der Leyen, citing the combined impact of attacks targeting energy infrastructure in Russia and the Middle East, as well as recovering demand in Asia.
Macron warned that if the Strait of Hormuz remains effectively closed and Saudi Arabia’s East-West pipeline does not return to operation, declining Saudi reserves could remove at least another 4 million barrels of crude oil per day from global supply, potentially triggering a significant rise in prices.
According to Macron’s letter, global oil inventories have already fallen by more than 500 million barrels.
The French president also highlighted Europe’s dependence on Middle Eastern imports, particularly for jet fuel and crude oil. Around 36% of Europe’s jet fuel imports come from the region, while the Middle East accounts for approximately 18% of its crude oil imports.
Macron is urging the EU to take steps to increase refining capacity and strengthen fuel supplies as concerns grow over the impact of prolonged disruptions on European energy markets.
