US President Donald Trump said on Friday that Europe had agreed to release a “massive amount” of its diesel stocks, with the process set to begin immediately, as governments grapple with a tightening global fuel market and surging diesel prices.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately. Thank you for your attention to this matter!” Trump said in a post on Truth Social.
Read more: Trump’s diesel squeeze may put Indian refiners in a sweet spot, and a bind
Trump’s announcement came hours after European Union countries discussed a French proposal to release 50 million barrels of diesel from strategic stocks, according to people familiar with the talks cited by Reuters . The proposal also envisages International Energy Agency members releasing another 50 million barrels of crude oil.
Washington presses Europe to unlock fuel reserves
The reported European discussions followed mounting pressure from Washington for its allies to make additional fuel supplies available. US Treasury Secretary Scott Bessent on Thursday called on European partners to “accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions.”
EU member states were due to discuss a coordinated response to soaring fuel prices with the European Commission on Friday. The Trump administration had particularly pressed France and Germany to tap strategic diesel reserves, according to reports.
The push has also been accompanied by a threat from Washington to restrict US diesel exports. Trump said on Wednesday that he was considering a ban, while acknowledging that such a move could eventually push gasoline prices higher.
“I’m thinking about it,” Trump told reporters in the Oval Office.
US Energy Secretary Chris Wright, speaking alongside Trump, had said Europe would make announcements aimed at bringing diesel prices down.
Also read: Release diesel stocks or face ban: US to France & Germany
Europe wary of US export restrictions
The prospect of a US diesel export ban has raised concerns in Europe, where officials have warned of potentially significant economic consequences.
EU trade chief Maros Sefcovic said on Thursday that such a move would be “unexpected for Europeans” and could have “very dramatic consequences for our economic performance”. He said the EU and US had agreed to remain in close contact to avoid surprises.
French minister delegate for international trade Nicolas Forissier also said he could not imagine a US diesel export ban, while stressing the importance of diesel supplies to both sides of the Atlantic.
The developments come as the global refined-products market faces supply disruptions and higher prices. US diesel prices have risen sharply since the start of the Iran war, adding pressure on consumers and increasing the political sensitivity of fuel costs ahead of the November midterm elections.
French President Emmanuel Macron has separately proposed coordination among G7 leaders on measures to address rising fuel prices, including the possibility of releasing strategic reserves.
