France Taps Emergency Oil Reserves Amid Diesel Price Spikes

France is considering tapping into emergency oil reserves to address sharp diesel price increases and supply worries. According to EU diplomats, Paris floated the idea of drawing 50 million barrels of diesel and an equal amount of crude oil from International Energy Agency (IEA) stocks.

The proposal was discussed during a gathering of the European Commission and EU member states following talks between French President Emmanuel Macron and US President Donald Trump on the global energy landscape. The US has been urging European nations to release more strategic petroleum reserves as part of efforts to keep fuel costs from climbing.

Macron has expressed concern about a possible US diesel export ban, which could be catastrophic for France. Brent crude prices have surpassed $100 per barrel due to a third US aircraft carrier being sent to the Middle East and China halting fuel exports.