Key facts
- France proposed releasing 100 million barrels of oil and diesel reserves.
- The proposal was made during emergency energy talks on Friday.
- The U.S. requested European countries release 120 million barrels of fuel to avoid export bans.
- France's offer included 50 million barrels of crude oil and 50 million barrels of diesel.
- Germany was reluctant to release reserves, citing a need for security of supply reasons.
France has proposed a significant release of strategic oil and diesel reserves, suggesting that EU countries tap 100 million barrels of fuel in response to pressure from the United States. The proposal was put forward during emergency energy talks on Friday, where U.S. officials urged European capitals to release stockpiles to combat rising diesel prices or face potential export restrictions.
Under the French proposal, 50 million barrels of crude oil and 50 million barrels of diesel would be released. This offer comes after U.S. Energy Secretary Chris Wright requested European nations release 120 million barrels over three months. France's suggestion is seen as a compromise, particularly in response to a specific U.S. request to French President Emmanuel Macron for 100 million barrels of diesel.
However, Germany expressed reluctance to release its reserves, with officials indicating a preference to tap stockpiles only for genuine security of supply reasons. Germany and France possess the largest oil and petroleum product reserves in Europe. Some EU countries also criticized France and Germany for their perceived failure to release substantial oil reserves earlier in the year.
The U.S. is reportedly frustrated by a lack of commitment from some EU countries to a previous 400 million barrel release coordinated by the International Energy Agency. The approach by the U.S. has been described as "messy," with different requests sent to various countries, raising questions about whether any release would be jointly coordinated by the EU or handled bilaterally.