US Presses Europe for More Oil Reserves Amid Global Price Surge
The US has urged European countries to release more emergency oil reserves as energy prices surge. The appeal comes as Washington announced it would put another 40 million barrels onto the market.
US Energy Secretary Chris Wright said several European member countries have released only a fraction of the crude oil and petroleum products they pledged. He urged every member country to fulfil its commitments, citing a coordinated effort to stabilise oil markets in the face of Middle East disruption.
Disruption in the Strait of Hormuz, escalating tensions in the Gulf of Aden, and attacks on Russian refineries have put pressure on an already tight oil market. US diesel has surged to $7 a gallon, while Brent crude oil has been trading between $97 and $102 per barrel since late September.
The European Commission's Dan Jørgensen said the EU had spent more than €100 billion extra on energy this year without receiving any additional gas or oil in return. The IEA coordinated an emergency release of 400 million barrels of oil in March, with the EU contributing roughly 20 percent.