US tells France and Germany to release diesel stocks or face US export ban, sources say
USO•The Trump administration has urged France and Germany to draw down emergency diesel inventories or face a potential US export ban. One source said the US asked the EU to release 120 million barrels of diesel over six months.
1. US pressure on Europe
The Trump administration has told Germany and France to draw down emergency diesel inventories to help ease global fuel prices or face a potential US diesel export ban, three people close to the discussions said. President Donald Trump is considering a ban to bring down US fuel prices ahead of November's midterm elections.
2. EU discusses stock releases
The European Commission and officials from Germany, France, Italy, Ireland and Britain were holding a call to discuss possible diesel stock releases, an EU official said. A source based in a European capital said the US had asked the EU to release 120 million barrels of diesel over the next six months.
3. Supply concerns
US Energy Secretary Chris Wright said the administration expected announcements soon from Europe about new diesel supplies, citing lost exports from the Middle East and China. French President Emmanuel Macron plans to convene a video conference of G7 leaders to address fuel prices and refined-product availability, including coordination of reserve releases with the International Energy Agency.
