STORY: French President Emmanuel Macron chaired a meeting with the leaders of the Group of Seven nations on Wednesday (March 11), after the International Energy Agency (IEA) announced the release of 400 million barrels of oil, the largest such move in its history, to try to restrain soaring crude prices amid the U.S.-Israeli war with Iran.

The IEA said the release had been unanimously agreed by 32 member countries, with timing to be set out in due course.

Macron said the volumes identified in the release by the IEA is "equivalent, more or less, of 20 days of the volumes being exported through the Hormuz Strait."

"The G7 represents 70% of this announcement, and it will be based on national implementation with regard to the execution of this decision,” Macron added

DESCRIPCIÓN DE IMÁGENES

Macron chairs G7 meeting after IEA announces record oil stockpile release

VIDEO SHOWS: FRENCH PRESIDENT, EMMANUEL MACRON, CHAIRING G7 LEADERS MEETING VIA VIDEO CALL FROM ELYSEE PRESIDENTIAL PALACE / SOUNDBITE OF MACRON ON IEA OIL STOCKS RELEASE

EDITORS PLEASE NOTE: EDIT 0444-GLOBAL-OIL/FILE CONTAINS B-ROLL OF TANKERS, PIPELINES, OIL FACILITIES AND PETROL STATIONS

RESENDING WITH COMPLETE SCRIPT

SHOWS: PARIS, FRANCE (MARCH 11, 2026) (AGENCY POOL – Access all)

1. FRENCH PRESIDENT, EMMANUEL MACRON, AND OFFICIALS DURING VIDEO CALL WITH G7 LEADERS

2. MACRON SPEAKING

3. SCREEN SHOWING G7 LEADERS- BRITISH PRIME MINISTER KEIR STARMER, ITALIAN PRIME MINISTER GIORGIA MELONI, EU COMMISSION PRESIDENT URSULA VON DER LEYEN, EU COUNCIL PRESIDENT ANTONIO COSTA, AND GERMAN CHANCELLOR FRIEDRICH MERZ

4. MACRON SPEAKING, SCREEN SHOWING G7 LEADERS BEHIND HIM

5. MEETING IN PROGRESS

6. (SOUNDBITE) (English) FRENCH PRESIDENT, EMMANUEL MACRON, SAYING: (PART OF SHOT ZOOMS IN TO SCREEN SHOWING LEADERS)

“We just announced some common measures to release our strategic stockpiles. And thanks to the coordination of the G7, we had a good working session at the International Energy Agency, and it was decided to release 400 million barrels, which is the equivalent, more or less, of 20 days of the volumes being exported through Hormuz Strait. The G7 represents 70% of this announcement, and it will be based on national implementation with regard to the execution of this decision.”/ MACRON SPEAKING

7. MEETING IN PROGRESS