Countries worldwide are prepared to take coordinated steps to shore up the oil market, French Finance Minister Roland Lescure told reporters on Tuesday, as Paris presses the International Energy Agency to develop response scenarios.
According to Lescure, governments have requested that the IEA "elaborate scenarios for a potential oil stockpile release." He stressed the need for readiness, saying: "we need to be ready to act at any moment."
Lesure also described broad international willingness to intervene. "Everyone is willing to take measures to stabilize the market including the United States," he said, indicating that major economies are engaged in discussions over potential policy responses.
Domestically, France is feeling pressure from higher fuel costs. Lescure singled out diesel as particularly impacted, noting that "the rise we have seen is already a lot." In response, the government is considering regulatory steps aimed at fuel retailers. "We ready to sanction excessive price hikes at fuel pump," the minister said, signaling potential enforcement action if retailers are judged to be pushing prices beyond justified increases.
On the procedural front, Lescure said the International Energy Agency governing board was scheduled to meet at 3 p.m. on Tuesday to consider the matter. "The next step is the IEA governing board meeting beginning in a few minutes at 3 p.m.," he added, framing that meeting as the immediate forum for advancing the requested scenarios and any coordinated response.
Context and next steps remain confined to the actions described by Lescure: the request to the IEA for scenarios, the stated international willingness to act, the French governments concern about diesel prices, and the prospect of sanctions against retailers if price hikes are judged excessive. The IEA governing board meeting represents the next official convening to discuss potential stockpile releases or other measures.
This account is based on statements by the finance minister and the procedural timetable he outlined. Where details beyond those statements would be required, they are not available in the comments reported.