France will probably join the UK and U.S. in the liberation of part of its strategic oil reserves, sources reported anonymity.
Le Monde daily said on Wednesday, citing presidential sources, that France was in contact with Britain and the United States on a possible release of strategic oil stocks “in a matter of weeks” to push fuel prices down.
France is in contact with Britain and the United States on a possible release of strategic oil stocks “in a matter of weeks” to push fuel prices down, Le Monde daily said on Wednesday, citing presidential sources.
The administration of French President and the Energy Department still did not comment on the allegations.
Recently fuel prices in France also reached record levels, which became one of the main topics for debate on the presidential candidates.
Fuel prices are a major concern for policymakers around the world, but it is especially painful for the United States President Barack Obama, who also goes to the elections in November.
For any intervention of the U.S. and UK market spoke for less than two weeks. In mid-March President Barack Obama and British Prime Minister David Cameron met in Washington, according to people familiar discussed the issue of possible release of some strategic reserves of both countries.
U.S. likely to turn to other countries for assistance, yet there is speculation that Japan will join the initiative.
In early March Brent rose to more than 128 dollars a barrel, and recently fluctuated around the level of 125 dollars per barrel, which is only 20 dollar price difference from the peak reached in 2008
From January until now black gold rose above 15%, mainly due to economic sanctions which the West imposed on Iran.
Results from a survey by Reuters showed that the current shortage of oil is commensurate with the amount of lost supply due to civil war in Libya. However, the International Energy Agency has not had recourse to the release of its reserves.