World
EUROPE CONSIDERS EMERGENCY DIESEL RELEASE AFTER US PRESSURE
European Union countries are discussing a French proposal to release about 50 million barrels of diesel from emergency reserves as governments try to cool sharply rising fuel prices and ease pressure on strained global supply. The talks mark a significant escalation from earlier discussions in which Washington pressed France and Germany to begin drawing down their emergency diesel stocks. A separate proposal under consideration would involve International Energy Agency members releasing about 50 million barrels of crude oil. The French proposal comes as Europe faces tighter diesel supplies caused by the war involving Iran, reduced Russian fuel exports, lower Chinese exports and structural weakness in Europe's own refining sector.
BigV•2h ago•1 min read