&imwidth=800&imheight=600&format=webp&quality=medium "'Europe has agreed to release massive amount of diesel', says Trump as fuel prices surge amid Iran war")
European countries have agreed to release diesel stocks after pressure from the United States, President Donald Trump said on Friday, as governments seek to contain a sharp rise in fuel prices linked to the Iran war. "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump wrote in a post on Truth Social. Trump’s announcement came after EU governments held discussions on Friday over a French proposal for European countries to release 50 million barrels of diesel. The proposal also called for members of the International Energy Agency to release another 50 million barrels of crude oil, according to three sources familiar with the talks cited by Reuters.
Under the proposal discussed by European governments, part of Europe’s diesel stocks would be released over a 20-day period. Two sources said the measure was intended to meet Trump’s demand for a rapid drawdown of fuel reserves. French President Emmanuel Macron also chaired a videoconference with G7 leaders on Friday afternoon to discuss the global energy situation, according to the Elysee Palace. It remained unclear whether the G7 countries had agreed to the proposed fuel release volumes.
Diesel prices fall after stock release reports
US diesel futures extended their losses following reports of the potential stock release. Prices were down more than 4% on Friday at $4.4491 a gallon. European benchmark diesel futures also fell, dropping by more than $100 per metric ton, according to LSEG data. The discussions come as pressure grows on European governments while Trump considers a possible ban on US diesel exports. Such a move could be aimed at lowering fuel prices in the United States ahead of the November 3 midterm elections.
European governments face a difficult balancing act: releasing emergency fuel reserves could help bring down prices, but drawing down stocks could reduce their ability to respond to further disruptions in global supplies. The Iran war has already affected fuel flows from Gulf producers, adding to uncertainty over future supplies. France’s finance and energy ministry did not immediately respond to requests for comment. Macron spoke with Trump overnight and stressed the importance of cooperation to address rising fuel prices and maintain global supplies of refined petroleum products, the Elysee Palace said. France currently holds the rotating G7 presidency.
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US pressures Europe to release emergency diesel reserves
Reuters reported on Thursday that the Trump administration had urged Germany and France to draw down emergency diesel inventories or risk a potential US ban on diesel exports, citing three people familiar with the discussions. Two sources said on Friday that Washington had called on major European countries, including France and Germany, to release as much as 100 million barrels of diesel within a 20-day period. Global diesel supplies have been under pressure from multiple disruptions.
The Iran war has affected global oil markets, while a Russian ban on exports has further tightened supplies after Ukrainian attacks damaged several Russian refineries. Chinese refiners have also suspended October fuel exports as they seek to strengthen domestic inventories, according to sources. A proposed European release of 50 million barrels would represent about 17% of the EU’s total emergency diesel and gasoil stocks, based on Eurostat data available as of May 2025. The volume would also equal roughly 3% of the bloc’s annual diesel consumption, according to Eurostat figures. Europe has historically relied heavily on diesel imports from Russia and the Middle East. In recent years, however, the United States has become an increasingly important supplier.
Europe weighs fuel security against US export threat
Europe relied on the United States and Saudi Arabia to meet its diesel demand during the first part of 2026, highlighting the bloc’s growing dependence on non-European supplies. "Having been caught dragging their feet on promised strategic stock releases earlier this year and now jarred by possible US export restrictions, European countries will likely release more diesel and possibly crude from their stocks," said Bob McNally, president of Rapidan Energy Group.
During Friday’s discussions, EU countries considered making any agreement to release diesel stocks conditional on a US commitment not to impose a unilateral diesel export ban, according to one source. The talks come after the International Energy Agency’s 32 members agreed in March to coordinate the release of 400 million barrels from strategic oil reserves in response to the Iran war. The move was described as the largest coordinated release of strategic reserves in history. IEA Executive Director Fatih Birol said this week that member countries had already released about two-thirds of those volumes.
