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"Europe has reached an agreement to release a substantial portion of their important diesel fuel reserves," he posted on the social platform X, noting that the release process would commence right away.
French President Emmanuel Macron announced that G7 countries plan to withdraw as much as 100 million barrels of oil and diesel fuel from their strategic reserves, according to Bloomberg. The operation is scheduled to occur within the upcoming four months.
The French President stated that the G7 is optimistic these actions will result in reduced fuel costs.
Previously, Politico reported, referencing sources, that France suggested to EU countries the release of 50 million barrels of diesel and 50 million barrels of oil from reserves in reaction to similar requests from the US.
A press release from the IEA states that concerning the initial portion of reserves—agreed upon by IEA nations on March 11 to release from strategic reserves (amounting to 400 million barrels)—about 325 million barrels have been released, constituting more than 80% of the promised amount.
IEA Executive Director Fatih Birol remarked that although oil exports from the Middle East have rebounded considerably, the movement of refined petroleum products remains greatly limited, and Ukrainian strikes on Russian oil refineries are worsening the diesel fuel crisis. This is raising prices and tightening market conditions, he stressed, leading to considerable economic risks.
source: bloomberg.com
French President Emmanuel Macron announced that G7 countries plan to withdraw as much as 100 million barrels of oil and diesel fuel from their strategic reserves, according to Bloomberg. The operation is scheduled to occur within the upcoming four months.
The French President stated that the G7 is optimistic these actions will result in reduced fuel costs.
Previously, Politico reported, referencing sources, that France suggested to EU countries the release of 50 million barrels of diesel and 50 million barrels of oil from reserves in reaction to similar requests from the US.
A press release from the IEA states that concerning the initial portion of reserves—agreed upon by IEA nations on March 11 to release from strategic reserves (amounting to 400 million barrels)—about 325 million barrels have been released, constituting more than 80% of the promised amount.
IEA Executive Director Fatih Birol remarked that although oil exports from the Middle East have rebounded considerably, the movement of refined petroleum products remains greatly limited, and Ukrainian strikes on Russian oil refineries are worsening the diesel fuel crisis. This is raising prices and tightening market conditions, he stressed, leading to considerable economic risks.
source: bloomberg.com
