Europe is set to release a significant amount of diesel oil from its reserves, according to an announcement by French President Emmanuel Macron.
What happened
Up to 100 million barrels of diesel oil will be released over the next four months, in coordination with the International Energy Agency (IEA). This move comes after President Trump urged US allies to open their emergency reserves, following an emergency G7 meeting on the global energy situation.
The release is intended to help alleviate high diesel prices, which have surged to record highs in Europe, nearing the equivalent of $8 per gallon. In the US, diesel prices have also been high, but have started to come down, with a current price of $6.37 per gallon, down 15 cents from the record high set in September.
The announcement follows a phone call between President Trump and President Macron, as well as a discussion with other G7 leaders. The US has become a key supplier of fuel to Europe, particularly after the ban on Russian imports following the invasion of Ukraine in 2022.
