Europe Considers Massive Oil Release to Combat Soaring Energy Costs

European leaders are considering coordinated action to address rising energy costs and ensure global supply of refined products. France has proposed releasing 50 million barrels of diesel from Europe and 50 million barrels of crude oil across IEA member countries.

EU Commissioner Jorgensen stated that discussions with all IEA members, not just the US, are underway regarding the release of diesel. The G7 leaders may hold a meeting on Friday afternoon to discuss next steps, according to a source familiar with the discussion.

France plans to call a meeting with G7 leaders to coordinate their efforts in addressing prices and supply. French President Macron has spoken with US President Trump to discuss the global energy situation, emphasizing the need for collaboration to tackle rising fuel costs.