Europe Considers Emergency Oil Release Amid Global Fuel Crunch
Oil prices plummeted on Friday as Europe considers releasing emergency stockpiles in response to pressure from the Trump administration. WTI fell nearly 4% and Brent dropped below $100 per barrel. The selloff followed reports that European governments are discussing another coordinated release of oil stocks to ease the global fuel crunch.
European Energy Commissioner Dan Jørgensen told Euronews that releasing oil from strategic reserves is 'a possibility' and that they have used it before and likely will again. The EU holds about 39 million tons of diesel, equivalent to over two months' consumption of the bloc.
The US Administration has urged Germany and France, Europe's largest economies, to release diesel from emergency stockpiles or face a potential U.S. diesel export ban. Since crude oil prices jumped above $100 per barrel in September, diesel prices have hit record highs in many countries, including the United States.