Europe Discusses Additional Strategic Petroleum Reserve Release Amid Trump Pressure

Europe, facing intense pressure from the U.S. administration under Donald Trump to release stockpiled diesel, held an emergency meeting on October 2, local time, to discuss countermeasures.

Citing sources familiar with the matter, Reuters reported that EU member states exchanged views during a morning video conference on a proposal by France to release 50 million barrels of diesel by European nations and 50 million barrels of crude oil by International Energy Agency (IEA) member countries.

According to the sources, European nations agreed during the meeting that if Europe consents to releasing additional stockpiled diesel, a commitment must also be made that the U.S. will not unilaterally ban diesel exports.

With the midterm elections approaching in November, the Trump administration, which is considering blocking diesel exports as a measure to curb high inflation—a major political liability—has issued an ultimatum to Europe that it will ban U.S. diesel exports if Europe does not release its strategic petroleum reserves to stabilize diesel prices.

Domestic diesel prices in the U.S. have surged over 70 percent from the same period last year, exceeding $6.50 per gallon and increasing the burden on households.

As a result, discontent directed at the Trump administration is also growing.

Reuters reported that leaders of the Group of Seven (G7) were also likely to hold a video conference later in the day to discuss the release of strategic petroleum reserves.

In connection with this, the Élysée Palace announced that French President Emmanuel Macron planned to discuss the issue by phone with U.S. President Donald Trump and subsequently speak with G7 leaders to discuss responses to the crude oil and refined products markets.

The Élysée Palace added that President Macron has been emphasizing the need for G7 cooperation to address soaring fuel prices and the importance of supplying refined products without export restrictions.

Europe, which relies on U.S. diesel for roughly one third of its total demand, is struggling to devise countermeasures as a realization of a U.S. diesel export ban would inevitably cause severe disruptions to the region's energy supply and demand, which are already tangled due to the wars in the Middle East and Ukraine.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.