On 1 October, the UK, the European Commission and several EU member states discussed the possible release of emergency diesel reserves against a backdrop of high prices and pressure from the US. As of 2 October, no specific joint decision had been announced.
Briefly about the main points
- The UK and its European partners discussed the possible use of diesel reserves.
- Trump suggested that the US might ask Europe to release its reserves.
- On 29 September, the European Commission assessed fuel supplies to the EU as stable.
What is the status of the negotiations?
Pros. message According to The Guardian, representatives from the UK, the European Commission, Germany, France, Italy and Ireland took part in the talks on 1 October. The British participants may have included the Junior Minister for Local Energy and Jobs Martin McClaskey.
A spokesperson for the European Commission Anna-Kaisa Itkonen She announced that urgent discussions with EU Member States, scheduled for 2 October, would take place with the participation of the International Energy Agency. The available reports do not state that the countries have already agreed to release reserves.
What is known about the US position?
Reuters, citing three informed sources, reported that the administration Donald Trump called on France and Germany to release their diesel reserves, failing which it might consider restricting fuel exports from the US. No public document setting out these demands has been released.
Trump has publicly stated that Washington may ask its European allies to draw on their strategic diesel reserves. The US Treasury Secretary Scott Bessent He also called on European partners to immediately increase the volume of fuel available to the market. This does not mean that the US has already imposed an export ban.
The situation in the diesel market
On 29 September, the European Commission stated that fuel supplies to the EU remained stable, although prices for diesel and aviation fuel had risen. According to the Commission’s assessment, emergency reserves are available in the event of supply disruptions.
The International Energy Agency attributed the market tensions to a reduction in supplies of petroleum products from the Gulf states due to restrictions on shipping the Strait of Hormuz, as well as issues relating to Russian diesel refining and exports. According to the agency, total supplies from the Gulf states and Russia were 1.6 million barrels per day lower than in February.
