Macron Seeks Another Oil Release as Europe Grapples with Saudi Supply Crunch

French President Emmanuel Macron is calling for another emergency oil release as Europe struggles to cope with reduced Saudi crude deliveries and skyrocketing diesel prices. The move comes after Aramco informed at least two European refiners that they will receive no crude under term contracts in October following the attack on its East-West pipeline.

Macron plans to convene G7 countries in the coming weeks to discuss stock levels, exports, and production capacity, as well as consider tapping strategic reserves. The focus is on securing diesel, jet fuel, and natural gas supplies for the next few months.

Europe's diesel benchmark has risen to over $200 per barrel this week, with taxes pushing retail-equivalent costs above $300. Saudi Arabia's pipeline attack has caused significant disruptions in oil deliveries, while Russia has extended restrictions on diesel exports.