French President Nicolas Sarkozy is in favor of releasing oil from the nation’s strategic stockpile to lower crude prices, according to a Le Monde blog posting, citing people it didn’t identify who are close to his office.
France is in contact with the British and U.S. governments on whether a release similar to that undertaken last year during the rebellion in Libya should be repeated in the coming weeks, the newspaper reported.
French Industry Minister Eric Besson said last week releasing some strategic oil supplies is “one option” being considered to counter rising prices.
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