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France weighs emergency oil release as US pressure mounts ahead of G7 call
Posted on 10/2/26 at 8:22 am
Posted on 10/2/26 at 8:22 am
quote:
France is considering releasing emergency oil stocks to ease soaring diesel prices and address supply concerns, according to three EU diplomats.
The idea was floated at a meeting between the European Commission and EU countries on Friday morning, shortly after French President Emmanuel Macron spoke with US President Donald Trump about the global energy situation.
According to the diplomats, France has not yet made a formal proposal but suggested releasing 50 million barrels of diesel alongside another 50 million barrels of crude oil from the International Energy Agency's (IEA) emergency stocks.
"The US demanded 100 million barrels, but the EU is not accepting, and France proposed the 50 + 50 formula," one EU diplomat told Euronews.
The US has been pressing European countries to release more strategic oil reserves as Washington seeks to contain rising fuel prices ahead of November's midterm elections, with the Trump administration also considering a diesel export ban.
US energy secretary Chris Wright previously suggested the EU release 120 million barrels from its stockpiles over three months as an alternative to a dramatic US diesel export ban.
Macron has previously described a potential US diesel export ban as "catastrophic", with France among the countries expected to be most affected.
quote:
Any release would also require coordination among countries participating in the IEA's emergency stock system.
A G7 leaders' videoconference will take place on Friday afternoon, with France currently holding the group's presidency.
LINK
Posted on 10/2/26 at 8:43 am to ragincajun03
Also weighing surrender.
Posted on 10/2/26 at 9:10 am to ragincajun03
Looks like they made it official
Posted on 10/2/26 at 9:14 am to ragincajun03
Well the US has been releasing barrels since April, so at least France was able to hold off until now.
Posted on 10/2/26 at 9:50 am to ragincajun03
Let me get this straight. France is sitting on a stockpile of more than 100M barrels of crude and diesel, but they would prefer to sit on that and keep importing from the US?
Meanwhile, these exports serve to deplete our supply and keep prices high here?
Meanwhile, these exports serve to deplete our supply and keep prices high here?
Posted on 10/2/26 at 9:56 am to High C
quote:
Meanwhile, these exports serve to deplete our supply and keep prices high here?
This is not a supply issue. There is no shortage in the US.
Posted on 10/2/26 at 9:56 am to castorinho
Yep.
LINK
About damn time Europe contributes SOMETHING in all this.
quote:
G7 countries to release 'up to 100 million barrels' within four months - Macron
published at 09:23
09:23
French President Emmanuel Macron says G7 leaders have agreed to work "in a coordinated manner" to help bring down diesel prices.
Writing on X, he says they have agreed to:
Make production "more flexible" to maximise production at refineries
Release strategic reserves of "up to 100 million barrels" within four months, "with our partners", under the coordination of the International Energy Agency
Avoid measures which would restrict the exchange of energy and petroleum products between partner countries
LINK
About damn time Europe contributes SOMETHING in all this.
Posted on 10/2/26 at 11:06 am to LegendInMyMind
quote:
This is not a supply issue. There is no shortage in the US.
Now I’m doubly confused. Please downvote me for trying to understand, though.
Posted on 10/2/26 at 11:55 am to ragincajun03
China stopping exports is a sleeping giant if it truly happens.
Posted on 10/2/26 at 11:55 am to ragincajun03
It’s crazy how globally we can frick with each other for no benefit aside from the Jews. Big recovery since ww2
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