PNN – European Union member states have considered a French proposal to tap into diesel reserves—prompted by pressure from the United States—and would release 50 million barrels from their stockpiles if the proposal is approved.
According to the report of Pakistan News Network citing Al Jazeera EU member states had reviewed the French proposal regarding diesel reserves in the wake of U.S. pressure.
According to the Reuters report, under the French proposal, European nations would release 50 million barrels of diesel from their reserves should the plan be accepted.
Meanwhile, the European Union issued a statement rejecting any potential U.S. ban on diesel exports, emphasizing that such a move would undermine confidence in the United States as a Western partner.
A European Commission spokesperson also stated: Our meetings regarding fuel are unrelated to U.S. threats; rather, they are part of coordination efforts among EU nations that have been underway for several months. Any ban on diesel would undermine our trust in the United States as a reliable partner.
This senior European official stated: Since March, we have begun utilizing Europe’s oil reserves in coordination with the International Energy Agency. Any decision regarding the use of strategic oil reserves will be made by the International Energy Agency, and we will coordinate its implementation with EU member states.
These developments come as fuel prices in Europe and the united States have hit new record highs following escalating tensions in the Middle East and the Strait of Hormuz.
The rise in fuel prices—driven by developments in the Middle East and escalating tensions in the Strait of Hormuz—coincides with reports from Reuters, citing informed sources, that the United States has asked France and Germany to release quantities of diesel from their emergency stockpiles.
According to the report, these sources added that the U.S. has requested the European Union to supply 120 million barrels of diesel to the market over the next six months.