Europe Releases Diesel Reserves as Trump Pressures EU Leaders

Oil prices fell on Friday after European countries were pressured by the Trump administration to release diesel reserves. The International Energy Agency (IEA) members agreed to add 50 million barrels of crude oil, while France proposed releasing 50 million barrels of diesel.

The proposal was met with skepticism by a French Economy Minister's spokesperson, who dismissed it as 'rumors'. However, Treasury Secretary Scott Bessent urged European partners to speed up their commitments and make supplies available immediately.

A Group of Seven (G7) leaders agreement was reached later Friday to release 100 million barrels coordinated by the IEA over four months, including a large diesel release within the first 20 days.

The Trump administration had threatened an export ban on diesel exports unless France and Germany released their emergency fuel stocks. The U.S. supplied about half of the EU's diesel imports in August.