European Union governments discuss a French proposal to release strategic diesel stocks to help cool surging fuel prices, following pressure from the United States, Reuters reported. In a call on Friday, officials weigh the plan’s details, including a scale of releases intended to increase supply.
Under the proposal attributed to France, EU countries would release 50 million barrels of diesel. Separately, International Energy Agency (IEA) member countries would release a matching 50 million barrels of crude oil, according to multiple reports. Quartz adds that the combined framework would total 100 million barrels across diesel and crude.
Different outlets focus on related points rather than alternative conclusions: Reuters and the other reports describe the same EU government discussion and the same diesel volume figure, while noting U.S. pressure as the trigger. Quartz also connects the policy talk to market reactions, saying oil prices fall by more than 3% after the reports of the proposal.
Overall, reporting agrees that negotiations are at an early stage, centered on coordinating releases between EU governments and IEA members to respond to high fuel prices.
