European Union governments discussed during phone talks on Friday a French proposal to release additional quantities of strategic diesel reserves, a move responding to intense pressure from the US administration to increase available supplies and curb the sharp surge in
fuel costs. Two informed sources told Reuters that EU member state representatives reviewed the French suggestion for member nations to draw fifty million barrels of diesel, alongside a parallel drawdown of fifty million barrels of crude oil by member countries
of the International Energy Agency. In a related context, the US administration led by Donald Trump had previously warned Berlin and Paris of the necessity to utilize emergency stockpiles, cautioning that failure to do so could lead to a potential
US ban on diesel exports. European deliberations included ideas that any prospective agreement on releasing further reserves should be accompanied by a commitment from Washington not to impose unilateral export restrictions. Leaders of the G7 countries are also expected to
broaden their discussions later in the day to cover developments in global crude oil and refined product markets. An informed source told Reuters on Friday that Washington had directly requested major European powers, including France and Germany, to pump one
hundred million barrels into the markets within a short timeframe not exceeding twenty days. Meanwhile, Trump did not conceal that he is studying the option of an export ban to help lower energy prices domestically ahead of the upcoming midterm
elections scheduled for the third of November. The European bloc faces complex challenges regarding the prospect of injecting more reserve stockpiles, as European capitals find themselves compelled to carefully balance the urgent necessity of cooling domestic prices against maintaining sufficient
safety balances to confront any potential repercussions that might worsen the energy crisis should a diplomatic settlement regarding the Iranian file fail. The American positions reflect a state of dissatisfaction regarding the policies of certain allies, particularly France and Germany,
for failing to fully comply with previous commitments concerning the release of emergency petroleum product reserves. In this framework, Reuters quoted a US official stressing the importance of joint coordination with the European side for the mutual interest of both
parties, noting the existence of multiple diplomatic and economic tracks aimed at boosting refined product flows and easing the financial burden on consumers. Additional American requests also emerged calling on the European bloc to gradually pump one hundred and twenty
million barrels of diesel over the coming six months.
