The United States has urged France and Germany to release emergency diesel reserves to help ease rising global fuel prices, warning that failure to act could lead Washington to restrict diesel exports to Europe.
The pressure comes as global fuel markets face tighter supplies following disruptions linked to conflicts in the Middle East and Ukraine, while China has also suspended exports of refined petroleum products to destinations beyond Hong Kong and Macau.
A European source said the US has asked the European Union to release 120 million barrels of diesel over the next six months. France and Germany hold about 35% of the EU’s strategic diesel reserves, making their stocks particularly important to any coordinated release.
European officials from France, Germany, Italy, Ireland and the UK were discussing the possible release of diesel stocks as governments face record or near-record prices in several markets.
The situation has become increasingly sensitive for Europe, which has reduced its dependence on Russian fuel imports and relies heavily on imported diesel, including supplies from the United States.
For Washington, restricting diesel exports could increase domestic availability and potentially ease US fuel prices, but it could also tighten supplies in Europe and place additional pressure on transport, agriculture and industry.
The developments underline the growing importance of strategic fuel reserves as governments respond to disruptions in global energy markets.
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