Europe bows to US pressure to release diesel reserves ahead of midterm elections
US President Donald Trump announced that Europe has agreed to release “a massive amount of their heavily stocked diesel oil,” following days of pressure to take action to cool surging fuel prices.
“The process will begin immediately,” Trump posted on Truth Social on Friday.
Trump spoke with French President Emmanuel Macron on Thursday evening and with the G7 leaders this morning to negotiate the release of European diesel stockpiles, a White House official told CNN.
European officials held crisis talks on Friday after the US piled pressure on the region to tap into its emergency stocks of diesel – or face a possible ban on US exports of the fuel.
France released a statement announcing the drawdown after chairing a videoconference of G7 leaders.
In a
statement, G7 leaders said that they “will implement our commitments” by releasing 100 million barrels over four months, beginning immediately. This includes a “frontloaded substantial diesel release within the first 20 days by G7 members and partners,” the statement read.