The Élysée Palace says the French president intends to hold phone calls with his counterparts in the G7 to discuss measures related to global crude oil and petroleum product markets.

The Élysée Palace added that Emmanuel Macron has emphasized the need for G7 countries to cooperate in order to tackle fuel price increases and to supply petroleum products without imposing restrictions on exports.

A knowledgeable source told Reuters on Friday that France has asked its European partners to release additional diesel reserves.

Under this proposal, European countries will release 50 million barrels of diesel, and members of the International Energy Agency will also release 50 million barrels of crude oil from their reserves.

Earlier, Reuters reported, citing knowledgeable sources, that the United States has asked major European countries, including France and Germany, to release 100 million barrels of diesel over a 20-day period.