France will release 10 million barrels from its strategic diesel reserves to ease cost of living pressures, Prime Minister Sebastien Lecornu said on Wednesday, seeking to quell public unrest amid large-scale protests over underfunding in education. The release from France’s diesel stockpile, bought before global energy prices surged, is set to bring down prices at the pump by 12 to 18 euro cents per litre. The Group of Seven nations agreed last week to release 100 million barrels of reserves. French benchmark borrowing costs have climbed by 1.26 percentage points this year to their highest level since 2002, with 10-year bond yields at around 4.9%, while the government must cut public spending by 43 billion euros with a deficit projected at 5.4% this year. Hundreds of schools will be closed on Thursday during a nationwide student protest dubbed “black week,” as Marine Le Pen, the National Rally’s 2027 presidential candidate, promises to bring the deficit below the 3% threshold within 18 months, a promise met with skepticism by markets.
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