France's Stance on Oil and Rare Earths: A New Balance in Global Supply Chains

In a statement on Wednesday, French Finance Minister Roland Lescure clarified that the G7 nations are not scheduled to deliberate on the release of new oil stocks at the upcoming summit. However, he added that this might be on the agenda in the coming weeks or months.

Lescure highlighted the pressing issue brought by the ongoing Iran war, which has stressed global oil supply, as per the International Energy Agency's report indicating unmet demand this year.

Additionally, Lescure underscored France's efforts to reorganize the rare earths market to avoid monopolistic control by any one country. He emphasized the need to establish a domestic rare earths supply chain, citing China's substantial market share gained through strategic investments.

(With inputs from agencies.)