France proposes EU release 100 million barrels of fuel — Politico Europe
During emergency talks, France proposed that EU countries release 50 million barrels of crude oil and 50 million barrels of diesel fuel from strategic reserves. The initiative was a response to Washington's demands to use stocks to curb rising diesel prices, Politico reports, citing two informed sources.
France's proposal
According to the publication, the French proposal was voiced on October 2 at a meeting of senior European energy sector officials. One source said the idea is still undergoing a technical assessment.
US Energy Secretary Chris Wright had previously asked European countries to release 120 million barrels of fuel from their stocks over three months. According to Politico's sources, the United States warned that it could otherwise impose restrictions on fuel exports. Separately, Washington asked French President Emmanuel Macron to release 100 million barrels of fuel, with the entire volume to consist of diesel.
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Positions of European countries
Germany, according to the publication's sources, is reluctant to release its stocks. An official familiar with the course of the talks said that Berlin and other countries want to use reserves only if there are real risks to security of supply. France and Germany have Europe's largest reserves of oil and petroleum products, according to official EU statistics.
It is also still unclear whether the release of stocks will be possible through a coordinated EU decision or whether countries will act on a bilateral basis. Politico's sources link this to the fact that the United States sent different requests to different European states.
According to the publication, Washington is increasingly dissatisfied with EU countries that failed to fulfill commitments to take part in the International Energy Agency-coordinated release of 400 million barrels at the beginning of the year. This mechanism was launched after the start of the war in Iran and the closure of the Strait of Hormuz.
