World Economy

G7 to Convene on Fuel Crisis as Refining Shortage Persists

French President Emmanuel Macron is organizing a Group of Seven summit to address rising fuel prices and refined product shortages worldwide. Macron spoke overnight with US and Canadian counterparts to advance the initiative. The meeting aims to coordinate policy responses as governments face pressure to manage energy costs. Global fuel subsidies are projected to exceed $1 trillion this year as nations struggle to shield consumers from price spikes. Poland's government has implemented windfall taxes on energy producers to lower domestic fuel prices and reduce inflation. Spot market rates for refined products have climbed as supply constraints tighten. Officials from major economies acknowledge the need for collaborative action to stabilize markets.