Europe Agrees to Release Diesel Reserves Amid OPEC Price Pressure
Oil prices plummeted by $2 after European leaders agreed to release diesel from their reserves in response to a request from US President Donald Trump.
The move aims to lower fuel costs and reduce reliance on American imports, with Brent crude falling 1.76% to $100.50 per barrel, while West Texas Intermediate dropped 2.18% to $90.85 per barrel.
France proposed the release of 50 million barrels of diesel from European reserves, which was accepted by EU countries. The International Energy Agency will also release an additional 50 million barrels of crude oil under the plan.
The proposal has been seen as a significant development in the energy market, with some analysts suggesting it could help tip the global market into surplus if recent improvements in Middle Eastern oil flows continue.