France floats major oil and diesel reserve release in response to US pressure – POLITICO

BRUSSELS — French officials proposed a large release of strategic oil and diesel reserves during emergency talks Friday after Washington urged European capitals to tap stockpiles or face a potentially crippling ban on fuel exports, according to two people briefed on the meeting.

Under a proposal made during a gathering of senior European energy officials Friday, Paris suggested that EU countries release 50 million barrels of crude oil and 50 million barrels of diesel, according to the people. The idea is still undergoing technical assessment, said one of the people.

It comes after U.S. Energy Secretary Chris Wright asked European countries to release 120 million barrels from stockpiles over a three-month period to combat rising diesel prices or else face export restrictions. According to the people, France's compromise offer Friday was in response to a fresh request by the U.S. to French President Emmanuel Macron to release 100 million barrels of fuel, all of which should be diesel.