Trump: Europe agrees to release diesel stocks
Shafaq News- Washington
US President Donald Trump on Friday claimed that Europe had agreed to release a “massive amount” of diesel from its stockpiles, with the process to begin immediately.
He did not specify the volume or countries involved.
Earlier today, European Union countries had discussed a French proposal for European states to release 50 million barrels of diesel and International Energy Agency (IEA) members to release another 50 million barrels of crude oil, three sources familiar with the talks told Reuters.
Two sources also told Reuters that the United States had demanded that major European countries, including France and Germany, release 100 million barrels of diesel within 20 days. The agency reported on October 1 that the Trump administration had informed France and Germany that they needed to draw down emergency diesel stocks or face a potential US diesel export ban.
European Commission spokesperson Anna-Kaisa Itkonen rejected the threat on Friday, saying a ban would benefit no one and would undermine the EU’s trust in the United States as a reliable partner.
Brent crude on October 2 was down 3% at $99.25 a barrel and US West Texas Intermediate 4.25% at $88.92, while European gasoil futures were about 4.3% lower, Reuters reported.
The IEA said its 32 member countries agreed in March to make 400 million barrels of oil from emergency reserves available to the market, the largest collective stock release in the agency’s history.
