EU Considers Releasing Diesel Stocks Amid US Pressure and Falling Oil Prices
Reports of the European Union discussing a proposal to release diesel stocks have sent oil prices plummeting. The move, reportedly pushed by US pressure, aims to help cool down prices amidst tight global markets.
The proposal calls for European countries to release 50 million barrels and International Energy Agency members to release another 50 million, according to Reuters.
This comes after the Trump administration warned Germany and France that they could face a diesel export ban if they didn't tap their emergency inventories. One person based in a European capital stated that Washington had asked the EU to release 120 million barrels of diesel over the next six months.
Energy Secretary Chris Wright said the US and Japan were delivering on their commitments, but several European members had released only a fraction of the crude oil and petroleum products they had pledged. This is part of a broader effort by the IEA to commit 400 million barrels in total.