Global efforts underway to stabilize oil market, says France

Investing.com -- Countries around the world are prepared to take action to stabilize the oil market, French Finance Minister Roland Lescure said on Tuesday.

Lescure told reporters that nations have requested the International Energy Agency to develop scenarios for a possible oil stockpile release. "We have asked the International Energy Agency to elaborate scenarios for a potential oil stockpile release," Lescure said.

The finance minister emphasized the urgency of the situation, stating "we need to be ready to act at any moment."

According to Lescure, cooperation extends across major economies. "Everyone is willing to take measures to stabilize the market including the United States," he said.

France is facing particular pressure from rising fuel costs. "Diesel prices in France are particularly affected, the rise we have seen is already a lot," Lescure noted.

The French government is considering regulatory action against retailers. "We ready to sanction excessive price hikes at fuel pump," the minister said.

The International Energy Agency governing board was scheduled to convene at 3 p.m. on Tuesday to discuss the matter. "The next step is the IEA governing board meeting beginning in a few minutes at 3 p.m.," Lescure said.

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