European Union countries are discussing today a French proposal to release additional diesel reserves in response to pressure from the United States on European countries to release morediesel in an effort to bring down prices that have skyrocketed, according to a source familiar with the talks.
In a conference call, European Union member states discussed the French proposal for European countries to release 50 million barrels of dieseland for members of the International Energy Agency to release 50 million barrels of crude oil, the same source clarified.
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The countries agreed that any agreement on the release of reserves should include a commitment by the United States to refrain from imposing a unilateral ban on diesel exports, the source said.
The Group of 7 (G7) countries will hold talks this afternoon to discuss next steps.
Emmanuel Macron called on the Group of 7 (G7) countries “to act in a coordinated manner, without export restrictions” to bring down fuel prices, while Donald Trump is pressuring Europeans to release part of their strategic diesel reserves and threatening to impose a ban on exports, the French Presidency announced.
“The President emphasized that it is in the interest of the G7 countries to act in a coordinated manner, without export restrictions,” following a phone call between the presidents of France and the United States.
Emmanuel Macron also spoke with Canadian Prime Minister Mark Carney and “intends to organize a G7 leaders’ teleconference as soon as possible to ensure coordination of the measures to be taken,” according to a statement from the Élysée Palace.
European Commissioner for Energy Dan Jørgensen stated that the European Union is in discussions with all members of the International Energy Agency—not just the United States—, regarding a reasonable timeframe for releasing diesel reserves.
“It is one of the options we have; we have used it before, and it is likely that we will use it again,” the European commissioner told Euronews.
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Source: APE-MPE
