The announcement follows Washington’s pressure on France and Germany as fuel prices have climbed to record highs
European countries have agreed to release large amounts of diesel from their strategic reserves as fuel prices hover near record highs, US President Donald Trump has said.
Diesel prices have surged amid a global supply crunch driven by the US-Israeli war on Iran, which has severely disrupted shipping through the Strait of Hormuz. Russia, one of the world’s largest exporters of the fuel, has also restricted shipments to stabilize its domestic market following Ukrainian drone attacks on its refineries.
US diesel production is now barely keeping pace with domestic demand, raising concerns that growing exports could further squeeze supplies at home.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately,” Trump wrote on Truth Social on Friday.
Read more Trump ‘very seriously’ mulling diesel export banThe release will form part of a broader G7 effort to boost global fuel supplies. French President Emmanuel Macron said the group would make available up to 100 million barrels of diesel and crude oil over the next four months, with the move coordinated through the International Energy Agency. The release will be overseen by the International Energy Agency, with a significant amount of diesel expected to enter the market during the first 20 days.
The agreement follows pressure from Washington on European governments to tap their emergency fuel stocks. The Trump administration had urged Germany and France to release reserves to help ease global prices, while reportedly raising the prospect of restricting US diesel exports if they refused.
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