Key facts
- G7 nations are holding emergency talks on Friday to discuss releasing diesel reserves.
- The meeting follows U.S. pressure on European countries to tap reserves or face export bans.
- France proposed releasing 50 million barrels of diesel and 50 million barrels of crude oil.
- The U.S. demanded France release 100 million barrels of diesel over 180 days.
- British Foreign Secretary Ed Miliband will join the call for the U.K.
The G7 group of wealthy nations is preparing to hold emergency talks on Friday to discuss the potential release of diesel reserves in an effort to lower fuel prices. The meeting comes as the U.S. has pressured European countries to tap into their strategic reserves or face a ban on U.S. diesel exports.
Four individuals familiar with the matter confirmed the plan to POLITICO. The Group of Seven, comprising France, Germany, Italy, the U.K., the U.S., Canada, and Japan, will convene amid rising concerns over escalating diesel costs, which have prompted a campaign of pressure from Washington.
France has proposed releasing 50 million barrels of diesel and 50 million barrels of crude oil. This proposal follows a U.S. demand made to French President Emmanuel Macron on Thursday for France to release 100 million barrels of diesel over a 180-day period. The Elysée stated that France intends to host a meeting on a potential fuel release "as soon as possible."
British Foreign Secretary Ed Miliband is expected to join the call for the U.K.