Roland Lescure back in headlines as France’s industry minister shaping AI & energy moves amid global tensions. French-Canadian banker turned minister.
G7 finance ministers discussed potential measures, including releasing strategic oil reserves, due to rising oil prices linked to Middle East conflicts and US-Israel tensions. No formal agreement was reached, but the possibility of releasing up to 400 million barrels remains under consideration.
On March 11-12, 2026, the International Energy Agency (IEA) coordinated the largest-ever release of 400 million barrels of emergency oil reserves to counter supply shocks caused by Iran's blockade of the Strait of Hormuz amid escalating US-Israel-Iran conflict. Despite this, oil prices surged above $100 a barrel as Iran vowed to keep the strait closed, disrupting about 20% of global oil shipments and threatening global economic growth.
The US Treasury has extended a 30-day waiver allowing the purchase of Russian oil loaded onto ships by April 24, aiming to stabilize global energy markets amid the US-Israeli war on Iran and the closure of the Strait of Hormuz. Meanwhile, the US has ended the waiver for Iranian oil, enforcing a blockade that will force Iran to shutter production soon.
Since February, over 500 million barrels of oil and gas have been removed from the global market due to the Middle East conflict, causing the largest supply disruption in modern history. Countries are shifting to coal and renewables, but long-term impacts threaten energy markets worldwide.
G7 finance ministers and central bank governors have been meeting in Paris to coordinate responses to economic risks tied to the Middle East conflict, energy and food supply chains, and volatility in bond markets. The final communiqué reaffirms commitment to multilateral cooperation and outlines plans to monitor markets and diversify critical minerals away from China. The Evian summit in June remains a focal point, with talks inviting non-member nations.
G7 finance ministers and central bank governors have been meeting in Paris to address the economic fallout from the Iran war and volatility in bond markets. While they have reaffirmed a multilateral approach and support for Ukraine, tensions persist between the United States and other members over Iran, Russia, and energy supplies. The meetings set the stage for Evian summit discussions on critical minerals, global imbalances, and energy transit.
France is leveraging its Choose France event to position itself as a top AI destination, with SoftBank pledging up to €75 billion for AI infrastructure and major investments in data centers. The move follows Macron's push to attract global tech investment, while other countries race to secure energy-heavy AI infrastructure.