European Union countries and the European Commission will hold a meeting on Friday to discuss the release of emergency oil reserves. This meeting comes as diesel prices have surged and governments are under pressure from the United States to take action.
U.S. Pressure on Europe
European Union Energy Commissioner, Dan Jørgensen, stated in a media interview that a new emergency release of oil reserves is "a possibility." He referred to technical meetings with all members of the International Energy Agency and said: "We are looking at the right timing for the release, as this is one of the opportunities we have. We have used it before and will likely use it again."
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Ireland, which currently holds the rotating presidency of the European Council, has confirmed the meeting. A spokesperson for the Irish Department of Climate Action, Energy and Environment emphasized that the diesel market is "very tight" and this situation has led to rising prices for consumers globally.
International Agreements and Coordinated Actions
Ireland is coordinating with European Union countries and the European Commission to "assess the situation" and "consider appropriate actions" to tackle high prices. These discussions will also involve the International Energy Agency, which coordinated collective action to support oil markets in March.
Fatih Birol, head of the International Energy Agency, has also encouraged European countries to use their diesel reserves. So far, these reserves have not been utilized since the first emergency release in March, when 400 million barrels of oil were brought to the market.
As pressures mount, Emmanuel Macron, the President of France, discussed the global energy situation in a call with Donald Trump, the President of the United States, and stated that the two countries have "common interests" in coordinated action.
A video meeting of G7 leaders aimed at coordinating actions to reduce price pressures and ensure the supply of raw materials and refined products will be held soon. These discussions come as the United States is considering a 90-day ban on diesel exports to control domestic oil prices.
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