⚡️🇪🇺🇺🇸 — EU governments discussed a French proposal on Friday to release 50 million barrels of diesel from emergency stocks, while IEA members would release 50 million barrels of crude, according to three sources familiar with the talks. Two sources said part of the diesel would be released within 20 days in response to US President Donald Trump’s demand for rapid stock drawdowns; Washington had also pressed major European countries including France and Germany to release 100 million barrels within the same period or face a potential US diesel-export ban. The proposed 50-million-barrel release represents about 17% of the EU’s emergency diesel and gasoil stocks and 3% of annual consumption. — Reuters

French President Emmanuel Macron, whose country holds the G7 presidency, chaired a G7 videoconference at 2:30 p.m. Paris time (1230 GMT) on the global energy situation and spoke with Trump overnight on containing fuel prices and maintaining global refined-product supplies.

➡️ The discussions come as Trump weighs a US diesel-export ban to lower domestic prices ahead of the November 3 midterm elections, while Europe weighs releasing reserves against safeguarding stocks amid uncertain Gulf supplies disrupted by the Iran war. Europe, previously reliant mainly on Russian and Middle Eastern diesel, has increasingly turned to US imports; EU governments discussed making any stock-release agreement conditional on a US commitment not to impose a unilateral export ban.

After reports of the talks, oil prices fell more than 2% and European gasoil futures about 5%; benchmark European diesel futures were down 4.5% at $1,384.50 per metric ton at 1245 GMT, while diesel refining margins fell 4.4% to $73.30 a barrel after reaching about $95 the previous week.

➡️ The 32-member IEA agreed in March to release 400 million barrels of strategic oil reserves in response to the Iran war, the largest such release in history; Executive Director Fatih Birol said this week that about two-thirds had been released.

⭐️ Follow @MaxOsintIntel