US presses France, Germany to release diesel reserves or face possible export ban - Reuters
The Trump administration has pressed France and Germany to release emergency diesel reserves to help bring down soaring global fuel prices, warning that the United States could otherwise restrict its own diesel exports, Reuters reported, citing three people familiar with the discussions.
One European source told Reuters that Washington had asked the European Union to release 120 million barrels of diesel over the next six months.
The European Commission, Germany, France, Italy, Britain and Ireland held a call on Thursday to discuss a potential release of diesel stocks, according to EU officials.
The pressure comes as global diesel supplies tighten following disruptions to exports from the Middle East and China. Russia has also extended its diesel export ban through the end of October after Ukrainian strikes damaged a number of its refineries.
U.S. Energy Secretary Chris Wright said Wednesday that Washington expected Europe to announce additional diesel supplies soon.
“We've lost some diesel exports from the Middle East, although we're restoring those, and we've lost diesel exports from China,” Wright said.
President Donald Trump said earlier that he was considering restricting U.S. diesel exports as his administration seeks to bring down domestic fuel prices.
Europe faces its own dilemma over releasing emergency stocks, Reuters reported, as governments seek to lower prices while preserving reserves in case the fuel crisis worsens.
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