EU Discusses French Proposal to Release 50 Million Barrels of Diesel Amid US Pressure

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Summary · why it matters

European Union member states met today (Oct. 2) to discuss a French proposal to release diesel from emergency reserves in response to US pressure for European nations to help slow the surge in fuel prices. The proposal calls for European countries to release 50 million barrels of diesel and for members of the International Energy Agency, or IEA, to release another 50 million barrels of crude oil, for a total of 100 million barrels. Sources said the United States has asked major European nations, including France and Germany, to release 100 million barrels of diesel within a 20-day timeframe, while President Donald Trump is considering the possibility of ordering a ban on US diesel exports to help lower domestic fuel prices ahead of the US midterm elections on November 3. In a conference call today, EU member states also discussed setting a condition that if an agreement is reached on releasing diesel from European reserves, the United States must commit not to impose a unilateral diesel export ban. Leaders of G7 member states may hold a conference call today to discuss next steps, with France currently holding the G7 presidency. The IEA, which has 32 member countries, agreed in March to jointly release 400 million barrels of strategic reserves to counter the effects of the Iran war, the largest reserve release in history, and IEA Executive Director Fatih Birol said member countries have already released about two-thirds of the total agreed volume.

Impact on assets 3

Others▼ · 3 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

Coordinated emergency reserve release of 100M barrels (crude and diesel) would boost global supply and weigh on Brent.

⛏Heating Oil Futures
HEATOIL
▼ NegativeSupplyrelevance

EU releasing 50M barrels of diesel from emergency reserves, plus a possible US diesel export ban, would increase distillate supply and lower heating oil prices.

⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

Proposal to release 50M barrels of IEA crude plus 50M barrels of EU diesel reserves would add supply and pressure crude prices lower.

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