EU countries discuss diesel stock release plan amid US pressure

• EU countries discussed a French proposal to release 50 million barrels of diesel stockpiles.
• The US has pressured European nations to release more diesel supplies to combat surging fuel prices.
• IEA members considered a potential release of 50 million barrels of crude oil.
• A US commitment to avoid a unilateral diesel export ban was discussed as a condition for stock releases.
• G7 leaders may hold a call to discuss next steps.

European Union countries discussed a French proposal on Friday to release an additional 50 million barrels of diesel stockpiles, a source familiar with the discussions told Reuters. The move comes amid pressure from the United States for European nations to increase global fuel supplies and combat surging prices.

During a call on Friday, EU governments considered the French proposal, which also included a potential release of 50 million barrels of crude oil from International Energy Agency members. A key point of discussion was ensuring that any agreement on further diesel stock releases would be accompanied by a US commitment to refrain from imposing a unilateral diesel export ban.

Leaders from G7 countries were also reportedly considering holding a call on Friday afternoon to coordinate their response and discuss potential next steps.