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Trump administration seeks release of up to 120 million barrels of diesel from European emergency reserves to ease global fuel prices, sources say.
The United States has urged France and Germany to release emergency diesel stocks to help ease global fuel prices, warning that failure to do so could lead to restrictions on US diesel exports, according to three people familiar with the discussions.
The demand marks an escalation in pressure on European countries as US President Donald Trump considers a potential ban on diesel exports in an effort to bring down fuel prices ahead of the November midterm elections.
One European source said the US has asked the European Union to release as much as 120 million barrels of diesel over the next six months.
The Trump administration has been particularly critical of France and Germany, which US officials believe have not fully followed through on earlier commitments to release emergency oil and petroleum reserves.
“It is in Europe’s best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers,” a US official told Reuters.
Europe has become increasingly reliant on US fuel imports following the European Union’s ban on Russian energy imports after Russia’s invasion of Ukraine. Supply disruptions linked to the US-Israeli conflict with Iran have further affected fuel flows from the Middle East.
More from BusinessThe US pressure comes as Washington weighs measures to increase the availability of refined petroleum products and lower domestic fuel costs. Trump said on Wednesday that he was still considering a potential diesel export ban.
The discussions highlight the growing interdependence between US and European fuel markets, with policy decisions on emergency inventories and exports potentially affecting diesel availability and prices on both sides of the Atlantic.
