Key facts
- Five European countries and the European Commission met Thursday to discuss U.S. pressure to release diesel reserves.
- France, Germany, Britain, Italy, and Ireland participated in the talks.
- The U.S. has pressured European nations to draw down oil stockpiles or face a ban on U.S. diesel exports.
- The countries agreed to respond with a coordinated voice.
- Decisions on releasing stocks will be elevated to the International Energy Agency (IEA) level.
- The aim is to de-escalate tensions with the U.S. through assertive but positive communication.
Five European countries, including France, Germany, Britain, Italy, and Ireland, along with the European Commission, held an emergency meeting on Thursday to formulate a unified response to increasing pressure from the U.S. government regarding diesel reserves. The U.S. has reportedly asked these nations to draw down their oil stockpiles or face a potential ban on U.S. diesel exports. The countries agreed to present a "coordinated voice" in their dealings with Washington, ensure that any decisions on releasing stocks are elevated to the International Energy Agency (IEA) level, and aim to "decrease the tension" in their communications. One participant described the strategy as being "assertive but positive in the communication," comparing it to dealing with a "hungry lion."
U.S. Energy Secretary Chris Wright has been seeking oil releases as an alternative to an export ban, a move that would significantly impact the EU, which relies heavily on U.S. diesel. Diesel prices are reportedly soaring in the U.S. due to the ongoing conflicts in Ukraine and Iran, putting pressure on President Donald Trump to lower prices ahead of upcoming mid-term elections. Trump has not ruled out an export ban, despite opposition from the U.S. oil sector.
A wider group of countries facing similar pressure from the Trump administration is scheduled to discuss their response on Friday.