EU discusses French proposal to release diesel stocks amid US pressure

European Union countries on Friday discussed a French proposal to release 50 million barrels of diesel from emergency stockpiles as the United States pressures European nations to increase fuel supplies and help curb surging prices, according to a source familiar with the discussions.

European Union countries on Friday discussed a French proposal to release 50 million barrels of diesel from emergency stockpiles as the United States pressures European nations to increase fuel supplies and help curb surging prices, according to a source familiar with the discussions.

Under the proposal, European countries would release 50 million barrels of diesel, while International Energy Agency members would release a further 50 million barrels of crude oil, the source said.

The proposal was discussed during a call involving EU governments. Any agreement on additional diesel stock releases would include a US commitment to avoid a unilateral ban on diesel exports, according to the source.

The discussions come as US President Donald Trump considers a possible ban on US diesel exports to lower domestic fuel prices ahead of the November 3 midterm elections.

The Trump administration has also urged major European countries, including France and Germany, to release 100 million barrels of diesel within a 20-day period, according to Reuters.

G7 leaders may hold a call on Friday afternoon to discuss their next steps, Reuters reported. France currently holds the G7 presidency.

The proposed releases come as global fuel supplies face disruption linked to the war in the Middle East, a Russian export ban following attacks on Ukrainian refineries and a suspension of some fuel exports by Chinese refiners.

In March, the 32-member IEA agreed to make 400 million barrels of oil from emergency reserves available to the market, the largest such release coordinated by the agency, in response to disruptions caused by the Middle East conflict.