White House urges EU to draw down diesel inventories, sources say
The administration is weighing export limits and refinery talks as diesel prices hit record or near-record levels in several markets, officials said.
- On Tuesday, the White House urged the European Union to release emergency diesel inventories to lower global prices as President Donald Trump explores options to reduce fuel costs ahead of the November midterm elections.
- Europe remains dependent on diesel imports from Washington following the reduction of Russian fuel imports after the invasion of Ukraine and significantly decreased refining capacity, leaving the bloc vulnerable to supply disruptions.
- France and Germany, which hold about 35% of the bloc's strategic diesel reserves, have released only a fraction of their pledged supplies under an International Energy Agency coordinated effort, frustrating Washington.
- Energy Commissioner Dan Jorgensen stated on Tuesday that the European Union discussed potential additional stock releases with IEA Executive Director Fatih Birol but has not yet decided whether to request more.
- The Trump administration is considering a 90-day diesel export ban to contain domestic fuel prices, a measure GOP lawmakers and industry executives hope to avoid before the November midterm elections.
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The EU commission is in "contact with the Member States and the US administration" on a possible release of oil stocks. (ANSA)
The representative of the European Commission, Anna-Caysa Itkonen, said that the European Union would market part of the strategic diesel reserves only if the International Energy Agency recommended that any decision on the use of strategic fuel reserves should be taken at the IEA level. If so recommended by the European Commission, the European Commission would coordinate the release of the resource into the market and transmit the application …
The US government has warned Germany and France to release part of their diesel stocks earmarked for emergencies to help lower global fuel prices.
Trump calls on Europe to release 120 million barrels of diesel in the next six months. Trump wants to reduce fuel prices before the interim elections.
Zero Hedge
Nemos News NetworkUS Warns Europe: Release Emergency Diesel Supplies Or Face Export Ban
US Warns Europe: Release Emergency Diesel Supplies Or Face Export Ban The refined products crisis remains unresolved as the Northern Hemisphere winter approaches. Speaking in the Oval Office on Wednesday, President Trump said he holds discussions "every day" about a potential diesel export ban, blaming Russia's war in Ukraine for fueling the supply squeeze. His administration is now pressuring European governments to release emergency diesel in…
Donald Trump is facing the interim elections with his back to the wall. Now he is apparently trying to force Europeans to release their strategic diesel reserves – in order to push prices in the US.
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