OPEC+ Capacity Assessment Delayed Amid Data Submission Issues

The OPEC+ oil production capacity assessment exercise has been delayed due to non-submission of data from all participating countries, according to sources. This development comes as the EU prepares for collective action on the oil market if deemed necessary by the IEA (International Energy Agency).

A spokesperson for the EU stated that a coordination meeting between the Commission and Member States was held this morning, with further discussions possible in the afternoon.

The EU strongly opposes any ban on diesel fuel, according to the same spokesperson. Additionally, they emphasized that any release of energy is coordinated by the IEA.

Meanwhile, G7 leaders may discuss next steps as early as Friday afternoon, a source familiar with the discussion revealed.

France plans to call with G7 leaders to coordinate on prices and supply, according to an Elysee Palace source. French President Macron recently spoke with Trump about the worldwide energy situation, emphasizing the need for collaboration to tackle rising fuel costs and ensure global refined product supply.