US pressures Europe to release diesel reserves ‘immediately’ to tame prices
By Anna Cooban, Hanna Ziady, CNN
London (CNN) — European officials are holding crisis talks as the United States piles pressure on the region to tap into its emergency stocks of diesel to cool surging prices – or face a possible ban on US exports of the fuel.
European officials discussed measures to tackle high diesel prices on Friday, the European Commission said in a statement, while France said it would chair a meeting of G7 leaders on the “global energy situation” later in the day.
The veiled ultimatum from the US administration marks an escalation in pressure on Europe as President Donald Trump attempts to bring down US fuel prices ahead of November’s midterm elections
Diesel is the workhorse fuel for the global economy, powering trucks, tractors, freight trains and other commercial vehicles. The US is the world’s largest exporter of the fuel and US President Donald Trump has touted a ban on diesel exports as a way to boost domestic supplies – and, in turn, bring down prices.
A US diesel export ban would hit Europe – a net-importer of the fuel – hard, analysts told CNN. Last year, the US supplied around 13% of the combined 2.3 million barrels Europe, the United Kingdom and Turkey imported every day, according to data from market intelligence firm Energy Aspects.
But tapping into its emergency reserves risks leaving Europe exposed should supply disruptions from the war in the Middle East and Ukraine continue.
US Treasury Secretary Scott Bessent urged European countries on Thursday to release diesel from its stockpiles “immediately,” writing in a post on X that “American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage.”
US Energy Secretary Chris Wright, who has previously expressed reservations about a ban on US diesel exports, told Fox News on Thursday that the US is “absolutely” going to ask Europe to release diesel from its strategic reserves.
“This is a time for a coordinated release of diesel stores as we go into harvest season, and we go into winter heating oil season. Now is the time to bring more diesel to the market,” he said.
The US-Iran war – now in its eight month – has disrupted flows of crude and refined oil products from the Middle East. While Europe is not currently grappling with outright shortages, global supplies are tight and prices have soared.
US diesel prices have also shot up since the start of the war and, last month, topped $6 a gallon for the first time, according to data from AAA. The average price stood at $6.40 a gallon on Friday morning.
Anna-Kaisa Itkonen, a spokesperson for the European Commission, told reporters at a briefing on Thursday that member states were in “very close contact” on the issue of diesel supply and that it was also in contact with the US administration.
“I can assure you that lots of phone calls, lots of meetings are taking place at this point,” she said.
‘Grappling and fighting’
A US ban would see Europeans “paying an even higher premium” for (imported) diesel… because it will be competing against other regions that are net importers like Latin America,” said Richard Bronze, Energy Aspects’ co-founder.
The US may be one of several suppliers to Europe, he added, but Washington is such a critical supplier to the international market that a ban of its exports would see countries “grappling and fighting over what remains.”
Europe’s benchmark diesel prices have more than doubled since the start of the US-Iran war in late February, according to Intercontinental Exchange data.
Worsening the picture is a ban on diesel exports from Russia – which Moscow recently extended until the end of October – following Ukrainian drone strikes on its refineries. As are indications from China that it may tighten restrictions on its oil product exports, said Bronze.
EU member states are required to hold oil stocks equal to 90 days of net imports, but the Commission does not specify how those stocks should be divided between crude oil, jet fuel, kerosene and diesel.
Matt Stanley, head of market engagement at Kpler, highlighted Europe’s dilemma and the risks posed by dipping into emergency reserves in an uncertain geopolitical environment.
“If the underlying disruption continues, you cannot keep drawing inventories indefinitely without eventually creating a much bigger supply problem,” he told CNN.
In March, member countries of the International Energy Agency agreed to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in response to the US-Iran war.
But the US argues that Europe has not fulfilled its side of the bargain. Bronze, at Energy Aspects, said that the European Union has released less than 8% of the 64 million barrels of oil products – including diesel – that it pledged in the spring.
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Anna Chernova contributed reporting.
