The French Executive would have put on the table that the countries of the European Union and the partners of the International Energy Agency (IEA) release up to 100 million barrels of diesel and crude oil, in response to Washington's pressures on Brussels for Europe to intensify its efforts to lower the cost of fuels.
According to sources consulted by Bloomberg and knowledgeable about the conversations, France's initiative, conveyed in a virtual meeting of European officials focused on the possible release of fuels, would involve EU member states contributing 50 million barrels of diesel, while IEA members would make available another 50 million barrels of crude.
The French presidency confirmed in a statement that Emmanuel Macron had an exchange with his American counterpart, Donald Trump, about the global energy situation during the night, and that he would convene a summit of G7 leaders as soon as possible. A source close to the dossier indicated that the meeting would be held this Friday at 14:30, Paris time.
From Washington, the U.S. Treasury Secretary, Scott Bessent, defended this Thursday that "Under President Trump's leadership, the United States is fulfilling its commitments to help stabilize global energy markets. Our European partners must accelerate their compliance with their current commitments and make additional supplies available immediately to address current disruptions."
In the same vein, Donald Trump's right-hand man on economic matters insisted on social media that American farmers, truckers, and businesses "should not bear the burden of a global diesel shortage," emphasizing that the United States is already doing its part. "We expect our allies to back their commitments with concrete actions," he warned.
Previously, and according to information released by CNBC, the U.S. president had indicated that he "could" ask European countries to release their diesel reserves, after suggesting that he was considering a ban on exports of this fuel. However, Trump later toned down the threat by admitting that such a measure could have a "negative impact" on gasoline prices.
The war with Iran, which has pushed up crude oil prices, has added tension to the prices of refined products, such as diesel and gasoline. The conflict in the Middle East, combined with Russia's war in Ukraine, has resulted in a lower availability of operational refineries capable of producing these fuels.
The United States, which acts as the main external supplier of diesel for Europe, is suffering a sharp increase in its internal market, where prices have reached a historic high of $6.50 per gallon at gas stations, harming the profitability of American farmers and leading Trump to state that he would support a ban on exporting this fuel.
In the European case, where future prices have sometimes exceeded $200 per barrel, the American threat to veto exports, combined with China's decision to cancel some fuel shipments in October and the combined impact of the wars in Iran and Ukraine, leaves the region with few ways to increase supply, beyond resorting to the release of strategic reserves.