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European Union member states and the European Commission will meet on Friday to discuss a coordinated response to soaring diesel prices, a day after the United States urged its European allies to release strategic fuel reserves immediately to ease the crisis.
The emergency meeting is scheduled for early Friday, a European Commission spokesperson said late Thursday.
Washington has been increasing pressure on European countries to help bring down fuel costs. US President Donald Trump said Wednesday that he was considering a possible ban on US diesel exports, although he acknowledged such a move could also push up gasoline prices.
EU Trade Commissioner Maros Sefcovic said Thursday that a US diesel export ban would be “unexpected for Europeans” and could have “very dramatic consequences” for the European economy.
Speaking on the sidelines of a G20 trade ministers’ meeting in Milwaukee, Sefcovic said he had not discussed the details of energy exports with US Trade Representative Jamieson Greer but that both sides had agreed to remain in close contact.
The Trump administration is reportedly pressing France and Germany in particular to release diesel from their strategic stockpiles as fuel prices rise amid disruptions linked to the war involving Iran.
US Treasury Secretary Scott Bessent said European partners should speed up existing commitments and make additional supplies available immediately to address the disruptions.
A US official said it was in Europe’s interest to work with Washington to increase supplies of refined petroleum products and reduce costs for consumers.
Greer struck a conciliatory tone at the G20 talks, saying there was an eagerness on both sides to cooperate on the diesel issue.
Trump also said Thursday that he “may” ask European countries to release diesel reserves.
French Minister Delegate for International Trade Nicolas Forissier said he could not imagine Washington imposing a diesel export ban.
He stressed the importance of diesel to both the United States and Europe and said efforts would be made to find solutions.
G7 coordination
France is also seeking broader international coordination on rising fuel prices. French President Emmanuel Macron is expected to convene a video meeting of G7 leaders to discuss measures to tackle higher fuel costs, including possible coordination on the release of strategic reserves.
Macron announced plans for the meeting on September 18, with the G7 gathering expected in mid-October.
The French presidency said no request to release strategic reserves had been made during Macron’s meeting with Trump on the sidelines of the UN General Assembly last week.
US diesel prices have risen sharply since the start of the Iran war. According to AAA data, the average price has increased by more than 70 percent to $6.39 a gallon.
The surge in fuel costs has added to pressure on household budgets and become a political concern for Trump’s Republican Party ahead of next month’s US midterm elections.
